ANZ today announced an agreement to acquire Suncorp Bank from Suncorp Group Limited, accelerating the growth of its Retail and Commercial businesses while also improving the geographic balance of its business in Australia.
ANZ Chief Executive Officer Shayne Elliott said: “The acquisition of Suncorp Bank will be a cornerstone investment for ANZ and a vote of confidence in the future of Queensland.
“With much of the work to simplify and strengthen the bank completed, and our digital transformation well-progressed, we are now in a position to invest in and reshape our Australian business. This will result in a stronger more balanced bank for customers and shareholders.
“We have admired the transformation that has occurred under the leadership of Steve Johnston and Clive van Horen and believe Suncorp Bank is a natural fit with ANZ given its culture, risk appetite and customer focus.
“ANZ has licenced the Suncorp Bank brand for five to seven years and we are committed to maintaining its current branch footprint in Queensland for at least three years post completion.”
Click through the stories below to learn more about the proposed acquisition and ANZ’s commitment to Queensland, as well as further information about what the deal means for customers, staff and shareholders.
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