ANZs Acquisition of Suncorp Bank Finalized

ANZ has announced the proclamation of the Queensland State Financial Institutions and Metway Merger Amendment Act, clearing the path for its acquisition of Suncorp Bank on 31 July 2024. This merger will integrate approximately 3,000 employees and 1.2 million customers into ANZ Group starting 1 August 2024. ANZ CEO Shayne Elliott highlighted that this acquisition will significantly enhance ANZ's market presence in Queensland and expand its Retail and Commercial operations.

The acquisition will also establish a major tech hub in Brisbane, creating 700 new jobs over five years. The financial impact of this acquisition on ANZ's Level 2 CET1 is estimated to be an improvement of 18 basis points. The Queensland legislation sets the acquisition date following Federal and competition law approvals earlier this year.

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