OPINION: There will also be plenty of execution challenges in the $4.9 billion deal in a tough new era for the economy and the banking and financial services industries.
His enthusiasm for the $4.9 billion cash deal also offers the opportunity for Elliott to
A rebound in the bank’s home loan business translated into a $2 billion increase in lending across the quarter, equivalent to 3 per cent growth annually. ANZ says growth last month was particularly strong and the bank is now in line with its peers, with its margins also improving due to rising interest rates.
In a joint appearance with Suncorp chairman Christine McLoughlin, O’Sullivan points out the obvious: the financial services industry is going through a huge revolution, including massive disruption by new entrants. “In terms of technology, ANZ has a massive investment in technology on the way, and we believe the scale and size ... is something that will be value-adding to Suncorp in its operations.”
“We have done it softly to really test and make sure we can scale up appropriately and safely,” he said. That rationale may not yet sound persuasive to many.But the more immediate test of the deal is likely to come from governments and regulators attuned to concerns aboutHaving one of the big banks take over a smaller regional operator hardly follows the script for increasing competition – as some smaller regional banks are already complaining.
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