ANZ set to acquire Australia’s Suncorp Bank

By Gloria Mathias

ANZ has announced an agreement to acquire Suncorp Bank from Suncorp Group Limited, accelerating the growth of its retail and commercial businesses while also improving the geographic balance of its business in Australia.

ANZ Chief Executive Officer Shayne Elliott said, “The acquisition of Suncorp Bank will 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 able to invest in and reshape our Australian business. This will result in a stronger, more balanced bank for customers and shareholders.”

“We have admired the transformation that has occurred under the leadership of Steve Johnston and Clive van Horen. We believe Suncorp Bank is a natural fit with ANZ, given its culture, risk appetite and customer focus. ANZ has licensed the Suncorp Bank brand for five to seven years, and we are committed to maintaining its current branch footprint in Queensland for at least three years post-completion. This is a growth strategy for ANZ, and we will continue to invest in Suncorp Bank and Queensland for the benefit of all stakeholders,” added Elliott.

Suncorp Bank will continue to be led by current CEO Clive van Horen. For team members, it is business as usual, with no planned changes to employment conditions. The acquisition will not result in any net job losses in Queensland for Suncorp Bank for at least three years post-completion.

Elliott said, “Since March 2020, Queensland has recorded better economic growth, workforce participation and interstate migration than any other state or territory in Australia. It contributes 18% to Australia’s GDP, and we believe we can use the resources at our disposal to further contribute to its continued success.”

“We know there will rightly be questions from the government and regulators about the competitive aspects of this transaction. As the smallest of the major banks, we believe a stronger ANZ will be able to compete more effectively in Queensland and offer better outcomes for customers,” he said.