Suncorp Bank – ANZ ACCC Merger Authorisation Application

ASX announcement


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Suncorp Group Limited | ABN 66 145 290 124 | Level 5, 80 Ann Street, Brisbane Qld 4000
suncorpgroup.com.au



Monday 12 December 2022

Suncorp acknowledges ACCC’s public consideration of ANZ’s
merger authorisation application

Suncorp Group Limited (ASX:SUN | ADR:SNMCY) today acknowledged the commencement of the Australian
Competition & Consumer Commission’s (ACCC) public consideration of ANZ’s merger authorisation application
supporting its offer to buy Suncorp Bank.
The sale of Suncorp Bank to ANZ is subject to a number of regulatory and government approvals. ANZ’s
authorisation application to the ACCC is the first step in the approvals process, with approvals also required from
the Queensland Government in relation to the State Financial Institutions and Metway Merger Act, as well as the
Federal Treasurer.
Suncorp Group CEO Steve Johnston said: “The application to the ACCC includes supporting statements from
Suncorp reinforcing our view that the sale will benefit our customers, people, shareholders, and the state of
Queensland.
“The sale of Suncorp Bank will result in a dedicated Trans-Tasman insurance company at a time when the value
of insurance has never been greater, and the need for continued investment in a vibrant private insurance sector
never more important to meet the changing needs of customers, communities and our broader economies.”
The ACCC has also released its indicative timeline which can be found on the ACCC website and is as follows:

KEY DATES:
12 December 2022: Public consultation process begins.
18 January 2023: Closing date for submissions from interested parties.
12 June 2023: ACCC determination.
Mr Johnston said the timeline announced by the ACCC would ensure a thorough review of the proposal and was
to be expected given the significance of the transaction.
“We remain respectful of the process as the ACCC considers ANZ’s application, and the views of other
interested parties, and look forward to working constructively with the regulator over the coming months,” Mr
Johnston said.
“Suncorp still anticipates completion in the second half of calendar 2023, based on the published timeline and
subject to regulatory approvals.”
Authorised for lodgement with the ASX by the Suncorp Disclosure Committee.

ENDS
For more information contact:

Media Amy McDonald +61 403 058 462
@amy.mcdonald@suncorp.com.au

Analysts / Investors Neil Wesley

+61 498 864 530
neil.wesley@suncorp.com.au