ANZ Banking Group and Suncorp Group are working together to pull off the biggest Australian banking deal in more than a decade.
Suncorp Bank is expected to be worth about $5 billion. It is understood ANZ could offer cash or scrip, depending on how talks play out in coming weeks.
It comes as the Shayne Elliott-led bank is also in late-stage negotiations to acquire accounting software group MYOB,Buying Suncorp would instantly add about $60 billion of customer loans to ANZ’s balance sheet, 80 per cent of which would be mortgages, at a time when it’s talking about rebuilding its Australian retail and commercial bank and trying to use technology to bolster its customer proposition.
Suncorp has offloaded its life insurance, wealth and smash repairs arms. Divesting Suncorp bank would leave it as Australia’s second-largest general insurer, behind Insurance Australia Group, and end its long-held “bancassurer” structure. has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones.
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