ANZ buys Suncorp: What it means for you

Financial earthquake as ANZ announces it will BUY another major Australian bank for $4.9BILLION: Here’s what it means for customers

ANZ will buy rival bank Suncorp for $4.9 billion in a bid to take on a greater share of Australia’s home loan market.  

Suncorp customers may see little difference in services in the short term, with ANZ committing to keep the company’s bank branches open for five years.

ANZ also won’t close Suncorp branches in its home state of Queensland for at least three years. 

ANZ made a major move on Monday  - announcing it will purchase rival bank Suncorp for $4.9billion

ANZ made a major move on Monday  – announcing it will purchase rival bank Suncorp for $4.9billion

In a statement, ANZ chief executive Shayne Elliott said: ‘The acquisition of Suncorp Bank will be a cornerstone investment for ANZ and a vote of confidence in the future of Queensland.

‘With much of the work to simplify and strengthen the bank completed, and our digital transformation well-progressed, we are now in a position to invest in and reshape our Australian business. 

‘This will result in a stronger more balanced bank for customers and shareholders.’

Source

Related posts