ANZ Bank has announced its plan to acquire Suncorp Bank for approximately $4.9 billion, a deal expected to be finalized by the end of next year. The acquisition involves only the banking arm of Suncorp, excluding its insurance division. This move will add $47 billion in home loans, $45 billion in deposits, and $11 billion in commercial loans to ANZ's portfolio.
Shayne Elliott, CEO of ANZ Bank, assured that there would be no branch closures or reductions in headcount in Queensland for at least three years following the acquisition. "We're buying this to invest in the business, to grow into Queensland and therefore we want Suncorp Bank customers to have the same great service they have today," Elliott stated.
Elliott also mentioned that the bank's name would remain as Suncorp Bank for five to seven years after the takeover. He emphasized ANZ's commitment to working with customers to determine what best serves their interests. "The important thing here is we are acquiring this business because it's a great business and we want it to grow and do well," he said.
Regulatory approval is still pending for the merger. Elliott acknowledged that regulators would conduct a thorough review process. "They're going to put us through a rigorous process...to make sure that we can show and give evidence that this is in the best interest of consumers," he explained.
In response to concerns about potential branch closures before the sale finalizes, Elliott clarified that such decisions currently lie with Suncorp Group as ANZ does not yet own Suncorp Bank. He reiterated ANZ's intention to maintain customer relationships: "We want every single one of them [customers] to stay."
The acquisition aligns with ANZ’s strategy for growth beyond just banking services, including investments in infrastructure related to energy transition and sustainability initiatives within Queensland.