ANZ Group and Suncorp: Done Deal

The Federal Treasurer has approved wide-moat ANZ Group’s acquisition of Suncorp Bank from no-moat Suncorp, the final hurdle on a deal announced back in July 2022. No direct job losses for three years is a commitment which was already made by ANZ, with the Treasurer adding additional conditions that Suncorp maintains regional branch numbers nationally and endeavors to maintain banking services with Australia Post. We don’t think the cost of either is material to the combined group and have little bearing on the financial success of this deal for ANZ.