ANZ Bank announced today that it will acquire Suncorp Bank for $ 4.9 billion, pending regulatory approval. Under the acquisition, Suncorp will continue to operate as usual with no changes in the number of offices in Queensland for at least three years.
Suncorp Bank CEO Clive van Horen will continue to lead the lender, informing Shayne Elliott, CEO of ANZ.
Suncorp will retain its brand and banking license for at least half a decade. (AAP)
Elliott said in the short term consumers will not notice any difference as a result of the acquisition.
“ANZ has been licensed under the Suncorp Bank brand for five or seven years and we are committed to maintaining its current footprint in Queensland for at least three years after completion,” he said.
“This is a growth strategy for ANZ and we will continue to invest in Suncorp Bank and Queensland for the benefit of all stakeholders.”
ANZ CEO Shayne Elliott said there were no plans to cut branches or jobs for at least three years after the acquisition.
In a statement, ANZ said that for Suncorp it is “as always” without “planned changes in working conditions” and no net job losses for at least three years after termination.
“It is important to note that the same great staff who serve customers today will serve customers tomorrow as members of the Suncorp Bank team and we are committed to taking advantage of the great service that customers have already experienced,” Elliott said.
The acquisition is subject to a minimum completion period of 12 months and regulatory approval.
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