ANZ Bank has secured the Australian Federal Treasurer’s approval for its previously announced A$4.9bn ($3.25bn) acquisition of Suncorp Group’s banking division Suncorp Bank.
Granted under the Financial Sector (Shareholdings) Act 1998 (FSSA), the approval entails various conditions, such as ANZ Bank maintaining its and Suncorp Bank’s regional branch numbers across Australia for a period of three years.
ANZ Bank will also have to ensure that there are no net job losses in Australia as a direct result of the acquisition for a period of three years.
Besides, the bank will continue its ongoing efforts to strike an agreement with Australia Post, on a commercial basis, to provide Bank@Post services to its customers.
The Federal Treasurer’s decision comes after the Australian Competition Tribunal’s decision to authorise the proposed deal on 20 February 2024.
It also follows the Queensland Parliament’s enactment of the State Financial Institutions and Metway Merger Amendment Bill on 14 June 2024.
The proposed deal is contingent upon the Queensland State Financial Institutions and Metway Merger Amendment Act coming into effect.
This amendment, upon proclamation, will modify the Metway Merger Act, satisfying the remaining requirement to enable the proposed acquisition.
The completion of the transaction is expected to take place at the end of the next month.
ANZ Bank chief executive Shayne Elliott said: “This is a significant milestone in our plans to expand our presence in Queensland and bring the best of ANZ to Suncorp Bank customers.
“Queensland is thriving. With strong economic growth, high workforce participation and more interstate migration than any other state or territory, we’re excited about the opportunities Queensland presents for ANZ and our customers.”
ANZ signed the agreement to acquire Suncorp Bank in July 2022. Through the acquisition, the former aims to expedite the expansion of its retail and commercial businesses along with boosting the geographic balance of its business in Australia.
