The playbook at ANZ Banking Group only gets more surreal.
, which isn’t saying much – raised $4.25 billion of new equity at $14.15 per share in June 2020. Today, they are $3.5 billion through a buyback at $28.63 per share.
One notable synergy in the integration of ANZ and Suncorp Bank, should it be granted regulatory approvals, will be their respective inability to manage the roll-out of major technology upgrades. In 2020, Suncorp halted the $300 million upgrade of its core banking system. The new Oracle platform writes mortgages but was never extended to deposits and transactions., which supports deposit and transaction functionality but certainly won’t support mortgages in the foreseeable future.
Slot these two basket cases together and you might almost have the semblance of a bank that offers the bare minimum.
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