CEO Steve Laidlaw said in a statement that the boards of People’s Choice and Heritage Bank were finalising their due diligence.
“We expect that we will be in a position to provide a further update in March,” he said.
If the boards decide to proceed with the merger it will also have to be endorsed by members and approved by ASIC and the ACCC.
The companies have previously said there would be no branch closures or non-executive redundancies as a result of the proposed merger.
People’s Choice is Australia’s largest credit union with 390,000 members, almost 900 exjmtzywmployees, $9.9 billion in total assets and 34 branches and advice centres in South Australia, Victoria, Northern Territory and Western Australia.
