ANZ has announced that Suncorp’s 3,000 employees and 1.2 million customers will join the bank on Thursday.
The completion of the acquisition follows the commencement of Queensland legislation amending the Metway Merger Act this week, the remaining condition to facilitate the deal.
In an ASX announcement on Wednesday, ANZ chief executive Shayne Elliott said it was an “exciting” day for the banking group.
“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,” Elliott said.
“Tomorrow 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.”
Separately, Suncorp Group chief executive Steve Johnston said the completion of the sale was a “significant strategic milestone”.
“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,” Johnston said in an ASX listing on Wednesday.
“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,” he said.
In June, Treasurer Jim Chalmers approved the proposed purchase under the Financial Sector (Shareholdings) Act 1998 (FSSA).
To align with the FSSA approval, the transaction has a number of attached conditions including that for the next three years, ANZ is to maintain regional branch numbers throughout Australia, alongside ensuring no net job losses in Australia as a direct result of the acquisition.
The Treasurer’s green light followed the granting of authorisation by the Australian Competition Tribunal on 20 February 2024, and the passage of the State Financial Institutions and Metway Merger Amendment Bill in the Queensland Parliament on 14 June 2024.
Shortly after, the Australian Competition and Consumer Commission (ACCC) formally ruled out appealing the tribunal’s decision to greenlight the acquisition.
In its latest financial results in May, Elliott described ANZ’s preparations to integrate Suncorp as “well advanced”.
“While the time taken to progress the necessary approvals has taken longer than anticipated, we have used that time productively and we are more confident than ever about the benefits that will follow,” Elliott said at the time.
