Australia’s G&C, Unity Bank officially merge

G&C will maintain a strong capital position but faces integration risks, S&P said.

Australia’s G&C Mutual Bank and Unity Bank have officially merged, with the merged entity to be renamed Unity Bank from 1 July 2025.

The merger will solidify G&C’s competitive position, according to S&P Global Ratings. It should maintain a strong capital position, marginally strengthening its overall credit profile relative to smaller mutual peers.

However, G&C will face integration risks following the merger, the ratings agency said.

“That said, common technology stacks across G&C and Unity Bank, including the same core banking and risk management systems, and successful trials of system consolidation over the past year should mitigate operational risks,” it added.

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