ANZ today welcomed the Federal Treasurer's approval of the proposed acquisition of Suncorp Bank under the Financial Sector (Shareholdings) Act 1998 (FSSA).
ANZ Chief Executive Officer Shayne Elliott said: "This is a significant milestone in our plans to expand our presence in Queensland and bring the best of ANZ to Suncorp Bank customers.
"Queensland is thriving. With strong economic growth, high workforce participation and more interstate migration than any other state or territory, we're excited about the opportunities Queensland presents for ANZ and our customers.
"We are another step closer to welcoming Suncorp Bank customers into the ANZ Group. Suncorp Bank customers will continue to receive the same great service, from the same exceptional Suncorp Bank staff. Over time, we'll make available to them ANZ's leading technology, giving them access to the very latest in banking services," Mr Elliott said.
In keeping with other FSSA approvals for bank acquisitions a number of conditions are attached to the approval, including:
- ANZ will maintain its and Suncorp Bank's regional branch numbers throughout Australia for three years.
- There will be no net job losses in Australia as a direct result of the acquisition for three years. This is consistent with our plans for integrating Suncorp Bank and its customers.
