July 22, 2024

Treasurer Jim Chalmers has approved ANZ‘s $4.9 billion purchase of Suncorp’s banking arm in a major step towards finalising the banking merger two years in the making.

If approved, it will be the biggest banking deal since Westpac bought St George in 2008.

The treasurer’s stipulations on the deal include no ANZ or Suncorp branch closures in regional areas for three years, no net job losses across Australia for three years due to the transaction, and for ANZ to make “best endeavours” to join Australia’s Post’s banking network.

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It comes after ANZ successfully overturned the competition watchdog the Australian Competition Tribunal’s opposition to the takeover through a court challenge in February, and the passing of legislation by the Queensland government to amend its merger legislation to permit the deal last week.

In a statement, Suncorp welcomed Chalmer’s approval of the deal and stated they hoped it would be finalised by July 31.

Suncorp Group CEO Steve Johnston said the move was an important step towards Suncorp Corp becoming a dedicated trans-Tasman insurer headquartered in Queensland.

“Following completion, Suncorp will focus on meeting the evolving needs of insurance customers and addressing the increasingly complex challenges such as climate change and affordability,” he said.

ANZ has committed to establishing a technology hub in Brisbane with 700 jobs in the state under an agreement with the Queensland government.

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