ANZ Banking Group and Suncorp Group are working together to pull off the biggest Australian banking deal in more than a decade.
A activity has involved big four banks offloading their wealth management and insurance operations.
It is understood Suncorp and ANZ have already signed a process deed, setting out a period of exclusive due diligence and access to each other’s management teams, in a sign of their commitment to the mooted transaction.Talks have progressed substantially since, sources said, to the point where they were close to finalising the deal’s price and terms.
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.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
ANZ Banking Group in exclusive talks to buy Suncorp BankANZ Banking Group and Suncorp Group are working together to pull off the biggest Australian banking deal in more than a decade.
Read more »
ANZ puts hand up for Suncorp Bank: sourcesBREAKING: Melbourne heavyweight ANZ has a team talking to Suncorp about its banking arm.
Read more »
ANZ puts hand up for Suncorp Bank: sourcesThe Melbourne heavyweight has a team talking to Suncorp about its banking arm.
Read more »
ANZ and MYOB: what could possibly go wrong?ANZ boss Shayne Elliott is pretending to walk and chew gum at the same time when he can’t even walk.
Read more »
Austria 1-0 Norway: Women’s Euro 2022, Group A – as it happenedMinute-by-minute report: Two-time champions Norway were dumped out in the group stage after deservedly losing to an excellent Austria side
Read more »
France v Belgium: Women’s Euro 2022, Group D – live!Minute-by-minute report: Join Sarah Rendell for updates as France look to continue their bright start against Belgium in Rotherham
Read more »