MyState and Auswide Merger Moves Full Steam Ahead

• MyState’s acquisition of Auswide has passed a key milestone, with 93.51% of Auswide shareholders voting in favour, following approval from Treasurer Jim Chalmers.
• The deal now awaits Supreme Court of NSW ratification on the 7th of February, with implementation scheduled for the 19th of February.
• The merged entity will have a $12.5 billion loan book, $9.6 billion in deposits, and net assets of $755 million, with a strong customer base across Queensland, Victoria, and Tasmania.
• This merger positions the combined entity as one of the largest mutual banks, a key consideration for market participants, potentially opening new funding opportunities for the bank.