ANZ has welcomed the proclamation of the Queensland State Financial Institutions and Metway Merger Amendment Act. This was the final box to be ticked for ANZ’s acquisition of Suncorp Bank to proceed to completion on 31 July 2024.
The action follows approval of the acquisition by the Federal Treasurer on 28 June 2024 and authorisation under Australia’s competition laws by the Australian Competition Tribunal on 20 February 2024.
As a result, the ANZ Group will gain about 3,000 employees and add 1.2 million customers on 1 August 2024. ANZ also predicted the impact of the Suncorp Bank acquisition on Level 2 CET1 will be approximately 105 basis points, an improvement of approximately 18 bps relative to the pro-forma estimate announced at ANZ’s half year results in May.
ANZ chief executive officer Shayne Elliott said in a media statement confirming the move by Queensland's legislators that the acquisition will add scale to the group's retail and commercial businesses and boost its presence in Queensland. Elliott also talked up ANZ's plans to hire or place 700 people into a new major tech hub in Brisbane over the next five years.
The final capital impact of the acquisition will be subject to ANZ and Suncorp Bank’s actual capital positions at the completion date. An update will be provided at ANZ’s full year results in November.