Nexus Mutual and Beyond Bank Australia signed a memorandum of understanding to explore a merger between the companies.
Under the proposed merger, the merged entity will retain the Nexus Mutual brand and all Nexus Mutual employees will be offered roles in the merged company, according to a document recently obtained by S&P Global Market Intelligence.
The proposed merger is subject to regulatory approvals. Nexus Mutual said due diligence regarding the proposed merger has already been started.
Beyond Bank Australia is the trading name for Community CPS Australia Ltd.
