ANZ to acquire Suncorp Bank in $4.9 billion deal

Another big bank is set to swallow up a smaller competitor with ANZ confirming it has agreed to buy Suncorp’s banking business.

ANZ will pay $4.9 billion dollars to acquire Suncorp Bank.

ANZ Chief Executive Shayne Elliott described Suncorp as an “attractive business.”


“They’ve done [the] hard yards of getting their business into a great shape and… there’s a lot of affinity with ANZ – really similar cultures, really purpose-driven organisations,” Mr Elliott said.

“We’ve been in Queensland since 1851 [and] we’ve got a really good business there, predominantly focused on Institutional banking. This rounds out our capabilities across the state and is a platform for growth.”

The deal will see ANZ take on Suncorp’s $47 billion in home loans along with $45 billion in deposits and $11 billion in commercial loans.

ANZ has been placed in a trading halt as it looks to raise $3.5 billion to fund the takeover.

Mr Elliott has confirmed that Suncorp Bank would remain a separate brand “for a period of time” as the company assesses its long-term outlook and strategy.

The bank has promised to retain all of Suncorp’s current branches in Queensland for at least the next three years.