Queensland jobs and bank branches to be protected for at least three years under terms of the takeover
ANZ has agreed to buy Suncorp’s banking business for $4.9bn in a deal the big-four lender described as a vote of confidence inUnder the deal, ANZ will continue operating under the Suncorp Bank brand for five years as it takes on an additional $47bn in home loans and $45bn in deposits.
ANZ’s chief executive, Shayne Elliott, said the announcement would see ANZ increase its presence in Queensland. The acquisition will need to be approved by the Australian Competition and Consumer Commission and the federal treasurer, Jim Chalmers. The Suncorp banking arm will continue to be led by current chief executive Clive van Horen, while the company’s insurance operations in Australia and New Zealand were not included in the deal.
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