Police & Nurses will undergo a name change after it was granted approval from the Australian Prudential Regulation Authority to trade as a mutual bank.
The financial institution will be rebranded to P&N Bank from the start of March, one year after it revealed it was in discussions with the regulator to become the WA’s only member-owned bank.
“While our name is changing, I want to assure everyone that we have no intention of deviating from our mutual model. Being owned by our members is a core point of difference from the big banks and we have no plans to move away from this,” chairman Eric Smith said.
“The decision to change our name was largely driven by recent Federal Government banking reforms to improve competition in the banking industry, one of which was to allow some credit societies, which met certain criteria, to call themselves banks once they had been through a rigorous approval process.
“Our research showed a lack of understanding in the market with up to 65% of West Australians not considering us as a banking alternative because of our name. We anticipate that the name P&N Bank will alleviate any confusion.”
Police & Nurses will be unveiling its new logo to members mid next month, and to the public from March 1.
