UPDATE: ANZ will officially acquire Suncorp Bank on 31 July, 2024.

It will take on approximately 3,000 Suncorp employees and 1.2 million Suncorp customers the following day.

The official completion date comes after the date for changes to Queensland law, allowing for the long-awaited merger, to come into play was set.

ANZ's bid to takeover Queensland-based Suncorp Bank has been on the table for around two years, hampered by a now-overturned denial from the competition watchdog.

After being granted the tick of approval from the treasurer in late June and permission under Australian competition law earlier this year, the merger only hinged on amendments to Queensland legislation.

Changes to the state legislation passed the Queensland Parliament last month and have now been proclaimed.

"This strategically important acquisition will boost ANZ's presence in Queensland, add scale to our retail and commercial businesses and enable us to compete more effectively across the Australian market," ANZ CEO Shayne Elliott said.

The Suncorp Bank brand is expected to live on post-merger, with ANZ previously stating it had licenced the brand for five to seven years.

Suncorp, which will continue to offer insurance services after offloading its banking business, has agreed to waive its brand licensing fees and help cover the costs of ANZ's takeover.

"Suncorp Bank customers will continue to receive the same great service, from the same exceptional Suncorp Bank staff," Mr Elliott said in June.

"Over time, we'll make available to them ANZ's leading technology, giving them access to the very latest in banking services."

Other conditions attached to the approval include:

  • ANZ to maintain regional branch numbers across both its own brand and the Suncorp Bank brand for three years
  • The acquisition won't result in net job losses in Australia for three years
  • ANZ will keep putting its best efforts towards reaching an agreement with Australia Post to offer Bank@Post services

ANZ also plans to hire or place 700 people into a major Brisbane-based tech hub over a five-year period.

"We're excited about the opportunities Queensland presents for ANZ and our customers - including by tapping into the state's growing tech sector and skilled workforce," Mr Elliott said.

According to the latest APRA data, Suncorp Bank's loan book houses $53 billion worth of mortgages, while that of ANZ holds more than $298 billion of home loans, across both owner-occupier and investor lending.

Once merged, the ANZ-Suncorp Bank home loan book will outshine that of NAB, which holds $319 billion of housing debt.

Images courtesy of ANZ and Suncorp