Federal Treasurer Approves Suncorp Bank Takeover

ANZ chief executive Shayne Elliott said: “This is a significant milestone in our plans to expand our presence in Queensland and bring the best of ANZ to Suncorp Bank customers.

“Queensland is thriving. With strong economic growth, high labour force participation and more interstate migration than any other state or territory, we are excited about the opportunities Queensland offers ANZ and our customers.

“We are one step closer to welcoming Suncorp Bank customers to the ANZ Group. Suncorp Bank customers will continue to receive the same great service from the same exceptional Suncorp Bank staff. Over time, we will make ANZ’s leading technology available to them, giving them access to the latest banking services,” Mr Elliott said.

In line with other FSSA approvals relating to bank acquisitions, there are a number of conditions attached to the approval, including:

• ANZ will maintain a number of its regional branches and Suncorp Bank branches across Australia for three years.
• There will be no net job losses in Australia as a result of the takeover for three years. This is in line with our plans to integrate Suncorp Bank and its customers.