ANZ to buy Suncorp Bank for $4.9 billion: What does it mean for customers?

Image: Marlon Trottmann/Shutterstock.com

Suncorp has accepted a $4.9 billion offer from ANZ to buy its banking business, but customers may see little difference to their banking services in the short-term.

It comes as ANZ prepares to grow its retail and commercial businesses and expand its Queensland footprint.

“The acquisition of Suncorp Bank will be a cornerstone investment for ANZ and a vote of confidence in the future of Queensland,” ANZ Chief Executive Officer Shayne Elliott said.

“This is a growth strategy for ANZ and we will continue to invest in Suncorp Bank and in Queensland for the benefit of all stakeholders.”

The takeover will bring in $47 billion in home loans, $45 billion in deposits and $11 billion in commercial loans to ANZ.

The deal is still subject to a range of regulatory approvals, including from the Australian Competition and Consumer Commission (ACCC), and it is not expected to be complete for at least 12 months.

What does this mean for Suncorp customers?

Suncorp’s banking arm will continue to operate for at least five years and will continue to be led by current CEO Clive van Horen who will report to ANZ’s CEO, meaning Suncorp Bank customers may not see too many changes to their day-to-day banking in the next few years.

“ANZ has licensed the Suncorp Bank brand for five to seven years and we are committed to maintaining its current branch footprint in Queensland for at least three years post-completion,” Mr Elliott said.

ANZ has also said it will be “business as usual” for Suncorp team members with no planned changes to employment.

Suncorp will continue to operates its insurance arm, which includes AAMI, GIO, Shannons, Apia and Vero, along with the Suncorp brand.

Suncorp Group CEO Steve Johnston said customers “will see benefits including access to a wider range of products and services.”

“As a dedicated insurance business we will be singularly focused on meeting the needs of our customers and communities at a time when the value of insurance has never been greater,” Mr Johnston said.

Cover image source: Marlon Trottmann/Shutterstock.com

This article was reviewed by our Deputy Editor Sean Callery and Sub Editor Tom Letts before it was updated, as part of our fact-checking process.

Tamika Seeto

Finance Journalist

Tamika is a former Finance Journalist at Canstar. She covered banking and general insurance. She has a Bachelor of Journalism and Bachelor of Laws (Honours) at QUT. Her work is regularly referenced by major publishers, such as The Guardian, ABC, Yahoo Finance, The Motley Fool and The Conversation.