MyState, Auswide agree to binding regional bank merger

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Street Talk understands the regional banks have entered into a transformative binding scheme implementation agreement.

The freshly approved ANZ-Suncorp merger represents the biggest ownership shake-up in Australian banking since the financial crisis. Now, Australia’s small banking landscape is set for its own overhaul.

Interested parties were told the proposed merger would be transformative for Auswide, resulting in enhanced scale, geographic diversification and portfolio mix. Collectively, MergeCo will have over 270,000 customers across Australia.On the Auswide side, it brings 92,000 rusted-on customers, 16 branches across Queensland and a private bank offering catering to high-net-worth individuals.

Ord Minnett added the merger would unlock diversification in each bank’s risk profile and funding sources, creating a more financially resilient and stable organisation.This is not the first time MyState and Auswide have flirted with a merger. Street Talk understands the pair came very close to coming together a decade ago but disagreement at the board level kiboshed the deal. The discussions were never confirmed by either bank.

 

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