Treasurer Jim Chalmers gives final approval for ANZ takeover of Suncorp
ANZ Bank’s $4.9 billion takeover of Suncorp’s banking arm has been given the tick of approval from Treasurer Jim Chalmers.
The massive deal comes after ANZ successfully overturned the nation’s competition watchdog’s opposition to the takeover when the Australian Competition Tribunal granted the deal.
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“I received very clear advice from Treasury, APRA, ASIC and the Department of Home Affairs that it wouldn’t be in the national interest to prohibit this transaction,” Dr Chalmers said.
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ANZ has been granted approval to take over Suncorp. NCA NewsWire / Kelly Barnes Credit: News Corp Australia
Dr Chalmers approved the transaction on Friday morning on the condition ANZ will retain a presence in regional Australia and there will be no net job losses for three years.
The merger is also reliant upon ANZ committing to its reaching an agreement with Australia Post, on a commercial basis, to offer Bank@Post services to its customers.
ANZ Chief Executive Officer Shayne Elliott said the deal will provide customers with greater choice.
“This is a significant milestone in our plans to expand our presence in Queensland and bring the best of ANZ to Suncorp Bank customers,” Mr Elliott said.
ANZ CEO Shayne Elliott says the purchase of Suncorp Bank for $4.9 billion will provide stability for customers. Dan Peled / NCA NewsWire Credit: News Corp Australia
“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.”
More to come