ANZ bank has acquired Suncorp for $4.9 billion in a move that is set to affect 9 million customers.
ANZ CEO Shayne Elliott said the acquisition of Suncorp would be a cornerstone investment for ANZ and a “vote of confidence” in the future of Queensland.
“With much of the work to simplify and strengthen the bank completed, and our digital transformation well progressed, we are now in a position to invest in and reshape our Australian business,” Elliott said.
“This will result in a stronger, more balanced bank for customers and shareholders.”
What does this mean for Suncorp customers?
For now, not too much.
Suncorp will continue to be led by CEO Clive van Horen, and Elliott said there would not be any job losses for at least the next three years.
In addition, Elliott said ANZ had licensed the Suncorp brand for five to seven years so the name would not change.
ANZ also promised to keep all physical branches in Queensland for at least another three years.
“Importantly, the same great staff that serve customers today will serve customers tomorrow as members of the Suncorp Bank team,” he said.
“We are committed to building on the great service customers have already been experiencing.
“This is a growth strategy for ANZ and we will continue to invest in Suncorp Bank and in Queensland for the benefit of all stakeholders.”
The acquisition is still subject to a minimum completion period of 12 months and to certain conditions.
The sale will need to be approved by the Federal Treasurer and the Australian Competition and Consumer Commission, and will require certain amendments to the State Financial Institutions and Metway Merger Act 1996 (Qld).
The deal is expected to be completed in the second half of 2023.