ANZ Group confirmed on 31 July 2024 that it had completed the A$4.9 billion acquisition of Suncorp Bank, bringing to a close a transaction process that had stretched across more than two years of regulatory scrutiny, competition proceedings and legislative amendment.
The enabling step that permitted completion was the commencement on 31 July 2024 of Queensland legislation amending the Metway Merger Act, a state-level statute that had historically constrained the change of ownership of the institution formerly known as Metway Bank and the banking business that eventually became Suncorp Bank. The amending legislation had been passed by the Queensland parliament in June 2024.
REGULATORY AND LEGAL PROCESS
The Australian Competition and Consumer Commission declined to authorise the acquisition in August 2023 on competition grounds. ANZ and Suncorp contested that finding, and the matter was referred to the Australian Competition Tribunal, which granted authorisation for the deal to proceed. The acquisition had been announced in July 2022.
The bank argued that combining Suncorp Bank's predominantly Queensland-focused retail franchise with ANZ's national distribution would create a stronger institution better positioned to serve customers in that state while preserving competitive choice in the broader Australian mortgage market.
CUSTOMERS AND STAFF
ANZ said the acquisition adds scale to its Retail and Commercial businesses, bringing about 1.2 million customers and 3,000 staff, and that Suncorp Bank customers would over time gain access to ANZ's technology.