Bulletin: G&C Mutual's Merger With Unity Bank Should Solidify Competitive Position - S&P Global Ratings’ Credit Research

Bulletin: G&C Mutual's Merger With Unity Bank Should Solidify Competitive Position

Bulletin: G&C Mutual's Merger With Unity Bank Should Solidify Competitive Position - S&P Global Ratings’ Credit Research
Bulletin: G&C Mutual's Merger With Unity Bank Should Solidify Competitive Position
Published Sep 07, 2023
3 pages (1194 words) — Published Sep 07, 2023
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About This Report

  
Abstract:

MELBOURNE (S&P Global Ratings) Sept. 7, 2023--A proposed merger between G&C and Unity Bank would provide greater scale for the combined entity, supporting business sustainability. G&C Mutual Bank Ltd. (G&C; BBB/Positive/A-2) and Unity Bank Ltd. (unrated) announced today that they have signed a memorandum of understanding to merge. The union of the two similar-sized Australia-based mutual lenders would result in a combined balance sheet of about A$4 billion. The merger remains subject to both member and regulatory approval. Today's announcement follows two recent sizeable mergers of equal mutual institutions in the past 12 months, which created Heritage and People's Choice Ltd. and Newcastle Greater Mutual Group Ltd. We believe mutual lenders in Australia will continue to use mergers as a

  
Brief Excerpt:

...This report does not constitute a rating action. AUSTRALIA S&P Global Ratings Australia Pty Ltd holds Australian financial services license number 337565 under the Corporations...

  
Report Type:

Bulletin

Issuer
G&C Mutual Bank Ltd.
GICS
Regional Banks (40101015)
Sector
Global Issuers
Country
Australia
Region
Pacific
Format:
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Bulletin: G&C Mutual's Merger With Unity Bank Should Solidify Competitive Position" Sep 07, 2023. Alacra Store. May 20, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Bulletin-G-C-Mutual-s-Merger-With-Unity-Bank-Should-Solidify-Competitive-Position-3051483>
  
APA:
S&P Global Ratings’ Credit Research. (). Bulletin: G&C Mutual's Merger With Unity Bank Should Solidify Competitive Position Sep 07, 2023. New York, NY: Alacra Store. Retrieved May 20, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Bulletin-G-C-Mutual-s-Merger-With-Unity-Bank-Should-Solidify-Competitive-Position-3051483>
  
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