Suncorp Group has received approval from the Federal Treasurer for ANZ Banking Group’s acquisition of Suncorp Bank under the Financial Sector (Shareholdings) Act (FSSA), marking a pivotal step towards its transformation into a prominent Trans-Tasman insurer.
Steve Johnston, CEO of Suncorp Group, emphasized in a recent bourse filing that this decision signifies a strategic shift for Suncorp, solidifying its position as a dedicated insurer headquartered in Queensland.
With the acquisition nearing completion, Suncorp’s primary objective will be to enhance its commitment to addressing the insurance needs of its customers, particularly focusing on challenges such as climate change and affordability.
Furthermore, the acquisition underscores Suncorp’s collaboration with the Queensland government on a comprehensive jobs and investment package, benefiting both Queensland and the broader Australia-New Zealand region.
This milestone follows earlier approvals from the Australian Competition Tribunal in February 2024 and legislative amendments by the Queensland government in June 2024, which have collectively paved the way for the transaction’s progression. Suncorp and ANZ are now aiming for a completion date of 31 July 2024.
As part of the conditions tied to ANZ’s FSSA approval, Suncorp will waive ANZ’s $10 million per annum brand license fee for a period of five years.
The finalization of the acquisition remains contingent upon the commencement of the Queensland State Financial Institutions and Metway Merger Amendment Act, which is anticipated to be enacted shortly to fulfill the remaining condition for the acquisition to proceed.
