Police & Nurses set to become P&N Bank

West Australia's largest credit union, Police & Nurses, is set to become a mutual (ie, "member-owned") bank in a few weeks' time,  following final approval by the Australian Prudential Regulation Authority (APRA).

The process began formally in April 2012, when an "overwhelming" 93 per cent of members voted for the potential name change, paving the way for an application to APRA, according to Eric Smith, P&N's chairman

Consequently, the organisation will change its trading name from Police & Nurses to P&N Bank from 1 March.

“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,” Smith said.

“Police & Nurses already holds a licence under the Banking Act and is an approved deposit taking institution. We are regulated to the same high standards of security as the big banks yet some people still have misconceptions as to who we are and what we offer.

“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,” Smith added.

Chief executive Fred Huis said that the new brand would enable P&N Bank to further build its market share by reaching new customers, especially those who might have been under the false impression that their banking services were only available for police officers or nurses.

 “P&N Bank will position itself as a clear alternative to the major banks and we will continue to provide our members with the same competitive products, low fees and exceptional service that they have come to expect from Police & Nurses.

“I believe the new name is an important step towards further building our reputation as a trusted and recommended provider of financial services. As P&N Bank we look forward to remaining a competitive force in this State for many years to come,” Mr Huis added.

Police & Nurses said in a media release that it will be unveiling its new logo and visual identity to members in mid-February and to the public from 1 March 2013.

Categories
Banking
Tags:
Police & Nurses, Fred Huis, Eric Smith
Author:
AB+F Online, bkellerman@financialpublications.com.au
Article Posted:
January 22, 2013

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