PNL and Great Southern Bank scrap merger

The two Australian banks’ boards agreed to terminate their MOU.

Police & Nurses Limited (PNL) has decided not to proceed with a potential merger with Great Southern Bank, also known as Credit Union Australia.

Both boards mutually agreed to terminate their memorandum of understanding, first signed in September 2025, according to a statement published at PNL’s website on 30 January 2026.

“While we will not be progressing this opportunity, we assessed the potential merger holistically and I am confident we have made the right decision,” said PNL chair Gary Humphreys.

At PNL’s October 2025 AGM, Humphreys had said that the board would only recommend the merger “if it was in [the customers] best interest.”