The Newcastle Permanent Building Society and Greater Bank are two of Newcastle’s biggest businesses. Both have been the ‘go-to’ institutions for savers, home loan borrowing, for banking services, and, of course, have employed thousands across the region. Beyond that, they have been major contributors to the regional identity, and supported innumerable clubs and causes through their charitable foundations. They are both ‘loved’ alternatives to the big banks.
Recently Greater and The Perm have anounced plans to merge.
If the merger goes ahead, it will create one of the largest customer-owned financial institutions in the country.
Both organisations are mutuals (or customer-owned organisations), so the proposed merger requires approval of members as well as approval from regulators.
But which way should the members vote?
The Newcastle Institute’s next public forum will focus on this proposed merger. An independent perspective on the changes that are going on in the financial services sector across Australian will be presented by Associate Professor Doowon Lee, from School of Finance at the University of Sydney. Following him, Jeff Eather and Wayne Russel, the Chairs of both Institutions, will present their perspectives on why this merger is being proposed. There will then be substantial time for questions from those attending.
The Greater and the Perm are currently successful, financially sound, and a valued part of our community. Should they merge? Why? What will it mean for members? What will it mean for Newcastle? What will it mean for you?
NOTE:- This forum is independent and not funded or otherwise supported by the Perm or the Greater.
Members receive complimentary attendance. Please register online – for non-members, a donation of $10 is requested to cover costs and can be paid online or at the door.