Login
ISCOVER
The entities have officially completed their merger as of 1 August 2024.
The long-awaited ANZ-Suncorp merger has been completed after its initial announcement in July 2022.
To continue reading the rest of this article, please log in.
Looking for more benefits? Become a Premium Member.
Create free account to get unlimited news articles and more!
Looking for more benefits? Become a Premium Member.
Before gaining approval, the Australian Competition and Consumer Commission (ACCC) originally denied authorisation of ANZ’s acquisition of Suncorp Group’s banking arm in 2023 due to concerns that a merger would impact competition in the mortgage market as well as SME and agribusiness banking.
However, following an appeal, the merger was given the green light from the Australian Competition Tribunal on 20 February 2024 and federal Treasurer Jim Chalmers under the Finance Sector (Shareholdings) Act on 28 June 2024.
Additionally, the Queensland government passed legislation in June of this year to amend the Metway Merger Act, with the proclamation now taking effect.
Commenting on the completion of the merger, Suncorp Group CEO Steve Johnston said the sale was a “significant strategic milestone”, which has enabled the company to become a dedicated insurer to “sharpen its focus” on the way it delivers insurance to customers and shareholders.
“With a heritage dating back to 1902 as the Queensland Ag Bank, Suncorp Bank has been an important part of the Suncorp Group, supporting communities across both Queensland and Australia.
“I’m pleased the bank has been handed over in good shape to ANZ, reflecting our clear strategy to improve its overall performance and risk maturity over the past four years, and I wish the team continued success in the future,” Johnston said.
Shayne Elliot, ANZ’s chief executive, said at the time of the merger’s completion: “Today is an exciting day for the ANZ Group as we complete our acquisition of Suncorp Bank.”
“This strategically important acquisition boosts our presence in Queensland, adds scale to our retail and commercial businesses, and means we can compete more effectively across the Australian market.
“… we will welcome the roughly 3,000-strong Suncorp Bank team and their 1.2 million customers into 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 available to them ANZ’s newest technology, giving them access to the very latest in banking services.
“Our acquisition demonstrates our commitment to Queensland and Queenslanders. We look forward to playing our part to help Queensland to continue to grow and prosper.”
Going forward, the majority of transitionary business and technology services are planned to be exited within two years, with the remainder exited no later than five years after the merger’s completion.
[RELATED: What does the broking industry think of the ANZ-Suncorp merger?]
JOIN THE DISCUSSION