A proposed merger of Newcastle Permanent and Greater Bank is almost certainly a go ahead, with both organisations provisionally voting for the move.
The two organisations held separate Special General Meetings today, where staff and members voted for or against the proposal.
Preliminary results are pointing to a majority vote for the merger, and once the votes are confirmed, the two will become a combined entity, with a new title of Newcastle Greater Mutual Group Ltd.
The move would see the combining of more than $20 billion in assets and approximately 600,000 customers.
After the votes have been finalised, both organisations will publish the results of the Special General Meetings, which were held today, on their respective websites.
The merger is planned to come into effect from March 1, 2023.
The merged organisation, Newcastle Greater Mutual Group Ltd, will be led by a Board comprising four Directors from each of the current Greater Bank and Newcastle Permanent Boards. Wayne Russell, Chair of Greater Bank, will assume the role of Chair and Bernadette Inglis, CEO of Newcastle Permanent, will be Group CEO.
In a statement,the two organisations said both brands will be retained under the merged entity and there will be no change to customer accounts or banking details.