THE $20-billion-plus merger of Newcastle Permanent and the Greater Bank was approved at respective members' meetings Wednesday, with the historic tie-up timed to start in March next year after formal approval from the financial regulator.
The new institution will be known legally as the Newcastle Greater Mutual Group Ltd, with Greater Bank and Newcastle Permanent to retain their existing identities in a "multi-branding" strategy that will utilise customer loyalty and choice while putting the combined financial firepower to work.
