Melbourne-headquartered ANZ has completed the purchase of Brisbane-based Suncorp Bank in a A$4.9 billion (US$3.2 billion) deal first announced in July 2022.

The deal finally closed after a prolonged sales process which saw the Australian Competition and Consumer Commission (ACCC) blocking the deal last year.

The ACCC had said it feared ANZ’s acquisition would reduce competition, reinforce an oligopoly dominated by the four major Australian banks, and limit opportunities for second-tier banks to effectively compete.

The transaction, however, eventually received approvals from the Australian Competition Tribunal on February 20 2024 and the Federal Treasurer under the Financial Sector (Shareholdings) Act on June 28 2024. 

Suncorp Group chief executive officer Steve Johnston says the sale’s completion is a significant strategic milestone that enables Suncorp, as a dedicated insurer, to sharpen its focus on the way it delivers insurance to its customers and value for shareholders. 

“I’m pleased the bank has been handed over in good shape to ANZ, reflecting our clear strategy to improve its overall performance and risk maturity over the past four years, and I wish the team continued success in the future," Johnston says. 

With the acquisition, ANZ is incorporating Suncorp Bank’s roughly 3,000-strong staff and their 1.2 customers into the group.

“This strategically important acquisition boosts our presence in Queensland, adds scale to our retail and commercial businesses, and means we can compete more effectively across the Australian market,” says ANZ chief executive officer Shayne Elliott.

“Suncorp Bank customers will continue to receive the same great service, from the same exceptional Suncorp Bank staff. Over time, we will make available to them ANZ’s newest technology, giving them access to the very latest in banking services. We look forward to playing our part to help Queensland to continue to grow and prosper,” Elliott adds.