Bank set to become the third largest in Australia’s home loan market
ANZ has completed its acquisition of Suncorp Bank, the company has confirmed.
The deal marks a significant expansion for ANZ, particularly in Queensland, where Suncorp Bank has a strong presence. The acquisition is expected to enhance ANZ’s retail and commercial operations, increasing its reach across the Australian market.
It will also bring approximately 3,000 Suncorp Bank employees and 1.2 million customers into the ANZ Group.
“Our acquisition demonstrates our commitment to Queensland and Queenslanders,” said Shayne Elliott (pictured above), chief executive of ANZ. “We look forward to playing our part to help Queensland continue to grow and prosper.”
According to S&P Global Market Intelligence, the ANZ Group will become the third largest entity in Australia’s $2.2 trillion home loan market with its acquisition of Suncorp Group’s banking division.
Elliott assured Suncorp Bank customers that they will continue to receive the same service from their existing staff, with ANZ planning to gradually introduce its latest banking technology to them.
ANZ’s Integration Management Office, headed by Daniel King, will oversee the integration of Suncorp Bank into the ANZ Group. Acting as the “control tower” for all integration efforts, the IMO is tasked with ensuring a smooth transition.
King emphasised the importance of collaboration across all areas of the bank, stating that the transformation requires joint efforts from teams in commercial, retail, and enablement sectors. He noted that shared accountability is crucial to the success of the integration process.
“In the first 100 days, leaders across our bank will want to (and need to) engage with the Suncorp Bank team and fellow leaders in order to deeply understand the business and prepare for the future,” he said.
The completion of the acquisition follows the Queensland government’s amendment of the Metway Merger Act, and approval by the Federal Treasurer on June 28.
ANZ’s acquisition of Suncorp Bank has been a lengthy process, with the original agreement to purchase signed in July 2022. The deal faced several challenges, including a significant roadblock from the Australian Competition and Consumer Commission (ACCC). The ACCC initially rejected the acquisition, arguing that it would reduce competition in the national home loan market and banking sector in Queensland. ANZ and Suncorp appealed the decision, and in February 2024, the Australian Competition Tribunal overturned the ACCC’s ruling, allowing the acquisition to proceed.
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