Australia’s largest customer-owned bank has unveiled its new brand, announcing that Heritage and People’s Choice will be unified under the new name of People First Bank.
Chairman Michael Cameron said that the highly anticipated new brand offered a compelling proposition as a national purpose-driven, customer-focused banking organisation.
“People First Bank says exactly what we are focused on – people,” Mr Cameron said.
“Our new brand builds on the strengths and values of both organisations over our near 150-year history while standing out in today’s highly competitive banking environment.”
CEO Peter Lock said the brand was underpinned by extensive consultation with customers and employees who said that they wanted the organisation to continue to put people first.
“We are owned by our customers. There is no doubt about our priorities. We exist to serve the interests of our customers,” Mr Lock said.
“Unlike the listed bank model, we don’t have the conflict of having to generate massive profits to pay dividends to shareholders. Our profits remain in the business to provide ongoing value to customers and their communities.
“While our name and brand will change, our commitment to our customers, employees, local communities and being proudly customer-owned remains the same.”
Heritage and People’s Choice was formed by the merger of Heritage Bank and People's Choice in March 2023. It has 730,000 customers, 2,000 employees and $23.3 billion in total assets.
Mr Lock said the organisation had undertaken a comprehensive process to develop the new brand to fulfil a key merger commitment.
“From the outset, we promised we would develop a single new brand following the merger, which customers overwhelmingly supported.
“We had no intention of adopting a multi-brand approach, as we have always aspired to create a strong new national brand that genuinely challenges the profit-maximisation model of the listed banks.”
Mr Lock said the announcement of People First Bank kickstarts preparations for the initial elements of the rebranding process next year.
“The first elements will start to be seen from March next year.
“This is another historic milestone in a landmark year for our organisation. We will provide further updates as the new brand comes to life.”