Suncorp Deal Agreement Reached by ANZ and QLD Government
(16 June 2023 – Australia) ANZ has completed an implementation agreement with the Queensland government to progress the bank's acquisition of Suncorp Bank announced in July 2022.
Under the implementation agreement, ANZ will establish a major technology hub in Brisbane for technology specialists in digital, cloud and data. The signing of the agreement signifies the latest step in ANZ's strategic plan to acquire Suncorp Bank despite concerns raised by the Australian Competition and Consumer Commission (ACCC).
ANZ predicts the completion of the acquisition to occur in H2 2023.
"The acquisition of Suncorp Bank is subject to conditions including authorisation by the ACCC, approval from the Federal Treasurer and Queensland legislative amendments. While the acquisition remains subject to these conditions, ANZ continues its preparations for the integration of Suncorp Bank into ANZ, including the execution of a joint transition plan agreed with Suncorp” ANZ said in a statement.
“We absolutely think this is still fair value. Has it got tougher since we agreed the price? Yes, it has. But we continue to run our models and look at value, and we are totally convinced that we can generate shareholder value” ANZ CEO Shayne Elliott commented.