ANZ buys Suncorp: What it means for you

ANZ will buy smaller rival bank Suncorp for $4.9 billion in a bid to take on a greater share of Australia’s home loan market.  

Suncorp customers may see little difference in services in the short term, with ANZ committing to keep the company’s bank branches open for at least three years.

ANZ, one of Australia’s big four banks, has also licensed the Suncorp name for five to seven years, vowing they won’t be rebranded for at least three years.

The deal will see ANZ but Suncorp Bank from Suncorp Group but not its insurance arm. 

ANZ chief executive 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.’

The deal will see ANZ buy Suncorp Bank from Suncorp Group but not its insurance arm.

Suncorp said its insurance operations in both Australia and New Zealand would not form part of the ANZ transaction, adding its group head office would continue to remain in Queensland.

ANZ’s acquisition of Suncorp marks the biggest takeover of a smaller bank by one of the big four since Westpac in December 2008 acquired St George.

Westpac’s then chief executive Gail Kelly had previously run St George. 

The Commonwealth Bank in 2008 bought Perth-based lender BankWest and in 2013 completely took over mortgage broker Aussie Home Loans, established by John Symond in 1992.

Suncorp customers may see little difference in services in the short term, with ANZ committing to keep the company’s bank branches open for at least three years (pictured is a Brisbane branch)