- The Treasurer approved a $4.9 billion acquisition
- ANZ to become Australia’s third largest bank
ANZ Bank’s $4.9 billion acquisition of Suncorp’s banking division has received the green light from Treasurer Jim Chalmers.
The big deal comes after ANZ successfully overturned the competition watchdog’s opposition to the acquisition when the deal was granted by the Australian Competition Tribunal.
The acquisition is expected to make ANZ Australia’s third-largest bank.
“I have received very clear advice from Treasury, APRA, ASIC and the Department of Home Affairs that it would not be in the national interest to prohibit this transaction,” Dr Chalmers said.
ANZ Bank’s $4.9 billion acquisition of Suncorp’s banking arm receives approval from Treasurer Jim Chalmers
Dr Chalmers approved the transaction on Friday morning on the condition that ANZ maintains its presence in regional Australia and there are no net job losses for three years.
The merger is also dependent on ANZ’s commitment to is entering into an agreement with Australia Post, on a commercial basis, to offer Bank@Post services to its customers.
ANZ chief executive Shayne Elliott said the deal would give customers greater choice.
“This is an important milestone in our plans to expand our presence in Queensland and bring the best of ANZ to Suncorp Bank customers,” Mr Elliott said.
ANZ chief executive Shayne Elliott said the deal will give customers a greater choice.
‘We are one step closer to welcoming Suncorp Bank customers to the ANZ Group.
‘Suncorp Bank customers will continue to receive the same excellent service from the same exceptional Suncorp Bank staff.
‘Over time, we will put ANZ’s leading technology at their disposal, giving them access to the latest in banking services.’
More to come