Changes to legislation set forth ANZ-Suncorp merger

The State Financial Institutions and Metway Merger Amendment Act has initiated the completion of ANZ’s acquisition of Suncorp Bank, with a date set for 31 July 2024.

“This strategically important acquisition will boost ANZ’s presence in Queensland, add scale to our Retail and Commercial businesses and enable us to compete more effectively across the Australian market,” said ANZ CEO Shayne Elliott.

“We’re excited about the opportunities Queensland presents for ANZ and our customers – including by tapping into the state’s growing tech sector and skilled workforce. Over a five-year period we will hire or place 700 people into our new major tech hub in Brisbane, bringing new career opportunities for Queenslanders.”

The merger will see an additional 3,000 employees and 1.2 million customers come into the ANZ fold from 1 August 2024.

The “final capital impact of the acquisition” is to be revealed at the bank’s full-year results in November.

This announcement set the commencement of amendments to the Metway Merger Act and follows the approval of the acquisition by the federal Treasurer on 28 June 2024.

The merger is predicated on a number of conditions, 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.
• ANZ will continue its ongoing best efforts to reach an agreement with Australia Post, on a commercial basis, to offer Bank@Post services to its customers.
• $15 billion of lending and other commitments for Queensland renewable energy projects and to support infrastructure development in preparation for the 2032 Olympic Games.
• $10 billion of new lending to support energy projects in Queensland, including bioenergy and hydrogen projects over the next decade.
• $10 billion of lending to support Queensland businesses over the next three years.
• Substantial home lending commitments in Queensland, including house lending targets of 3,000 homes and $350 million in housing‑related lending.

To read more on the impact of this merger on brokers and borrowers, read What the ANZ-Suncorp merger means for brokers and borrowers.

Jack Campbell is the editor of Broker Daily. After graduating from the University of Wollongong in 2022, Jack began his journalistic career working on Broker Daily’s sister brand, HR Leader. In August 2023 he was made the news editor and worked alongside some talented journalists writing articles and recording podcasts.

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