Federal Treasurer Approves Acquisition of Suncorp Bank

ANZ CEO Shayne Elliott said: “This is an important 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 presents for 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 team. Over time, we will extend ANZ’s leading technology to them, giving them access to the latest banking services,” Mr Elliott said.

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

• ANZ will retain its and Suncorp Bank’s regional branch numbers 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.
• ANZ will continue to make every reasonable effort to reach an agreement with Australia Post on a commercial basis to offer Bank@Post services to customers.

These terms are in line with the commitments made by ANZ when announcing the proposed acquisition, which included maintaining the current Suncorp Bank branch network and no job cuts at Suncorp Bank for three years after the completion of the Queensland transaction.

These conditions are also not expected to affect the benefits expected from the acquisition. (1) ANZ has engaged constructively with the Suncorp Group to agree to contribute towards the impact of additional taxes associated with obtaining approvals. Suncorp Group has agreed to waive its brand licensing fee and cover additional integration costs.

“Looking ahead, we are pleased to be one step closer to this strategically important acquisition, which will enable us to increase the scale of our retail and commercial businesses, while also enabling ANZ to compete more effectively in the Australian market. Our integration plans are well advanced and we are confident of the significant benefits that will flow,” said Mr. Elliott.

The acquisition is subject to three conditions of sale – approval under Australian competition law, approval by the Federal Treasurer and changes to Queensland legislation.

Today’s approval by the Federal Treasurer follows the Australian Competition Tribunal’s decision to approve the proposed acquisition on February 20, 2024, and the adoption An Act amending the state financial institutions and the Metway merger in the Queensland Parliament on 14 June 2024.

Completion of the acquisition remains contingent upon commencement of Queensland construction An Act amending the state financial institutions and the Metway mergerwhich, once announced, will amend the Metway Mergers Act to meet the remaining conditions facilitating the planned acquisition.

Once this happens, the acquisition is expected to be finalized in late July.

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