ANZ Bank’s $4.9billion takeover of Suncorp’s banking arm has been given the tick of approval from Treasurer Jim Chalmers
- Finance Minister approves acquisition of $4.9 billion
- ANZ becomes third largest bank in Australia
ANZ Bank’s $4.9 billion takeover of Suncorp’s banking arm has been approved by Treasurer Jim Chalmers.
The huge deal comes after ANZ successfully overturned competition watchdog opposition to the takeover when the Australian Competition Tribunal approved the deal.
The acquisition is expected to make ANZ Australia’s third largest bank.
“I received very clear advice from the Treasury, APRA, ASIC and the Home Office that it would not be in the national interest to ban this transaction,” Dr Chalmers said.
ANZ Bank’s $4.9 billion takeover of Suncorp’s banking arm has received the approval of Treasurer Jim Chalmers
Dr. Chalmers approved the transaction on Friday morning, on the condition that ANZ will maintain a presence in regional Australia and there will be no net job losses for three years.
The merger is also conditional on ANZ’s commitment to it has entered into an agreement with Australia Post on a commercial basis to provide Bank@Post services to its customers.
ANZ Chief Executive Officer Shayne Elliott said the deal will offer customers more choice.
“This is a significant 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 Officer Shayne Elliott said the deal will give customers more choice
“We are one step closer to welcoming Suncorp Bank 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 bring ANZ’s leading technology to them, giving them access to the very latest banking services.”
More to come