The Securities Institute of Australia (SIA) and the Australasian Institute of Banking and Finance (AIBF) are planning to merge, with a vote expected later this year.

While a merger will need member approval, the arithmetic is compelling. The two organisations say they recognise the “close alignment” of their objectives and cultures, and a merger would result in an organisation representing 20,000 members and 19,000 students.

SIA National President Fred Grimwade says a merger would create a unique organisation with greater scale, which would be better placed to represent and support career professionals in the industry.

“If approved, the proposed merger will provide our members with enhanced services and access to a broader network within the financial services industry,” Mr Grimwade and AIBF President Mike Pratt said in a joint statement.