The Melbourne heavyweight has a team talking to Suncorp about its banking arm.
but it’s also in talks on a potential multi-billion dollar move in its traditional stomping ground.
Acquiring, or merging with, Suncorp Bank would tick a few boxes for ANZ’s board and chief executive Shayne Elliott, most notably adding scale at a time when it has struggled to catch up to its larger rivals.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.
Sources said ANZ had held talks with Suncorp and its bankers. Of course there’s a long way between talks and getting a deal signed.as Street Talk revealed in June, The talks come as Australian financial services companies retreat from non-core markets, selling to specialist groups and using proceeds to return capital to shareholders or re-invested in core businesses.
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