"Scale is a major component of banking now and into the future, and, unfortunately, that's driven by the demands of compliance and regulation and the costs associated with that," he said.
"The change of banking away from traditional sources, such as branches, to more digital sources and demands that come with that costs a lot of money.Mr Lock said mutual banks, entities that were owned by their members, had almost halved in the last 20 years."And that will continue to rapidly change as smaller banks find it more difficult to compete, andThe merger will mean both banks will form 720,000 members, 1,900 employees, and more than $23 billion in assets.
"So we need to acknowledge that we need to be respectful for both memberships, which become one membership, and a new brand created.
BREAKING: Bank will abandon regional Queensland within a year after merger.