Suncorp responds to ACCC decision on sale of Suncorp Bank

ASX announcement


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Suncorp Group Limited | ABN 66 145 290 124 | Level 23, 80 Ann Street, Brisbane Qld 4000
suncorpgroup.com.au



4 August 2023

Suncorp responds to ACCC decision on sale of Suncorp Bank


Suncorp Group Limited (ASX: SUN | ADR: SNMCY) today responded to the Australian Competition & Consumer
Commission (ACCC's) decision to deny authorisation of the planned sale of Suncorp Bank to Australia and New
Zealand Banking Group (ANZ).

Suncorp Group Chairman Christine McLoughlin said Suncorp was surprised and disappointed with the
determination and would fully support ANZ through the next step in the merger authorisation process, being a
referral of the ACCC’s decision to the Australian Competition Tribunal.

“When we embarked on this transaction, we were of the firm belief it was in the best interests of our
customers, shareholders and employees and that it would provide a net benefit to the Australian economy,” Ms
McLoughlin said.

"Together with external economic and industry experts, we determined that this deal would not adversely impact
the competitive dynamics in the markets in which we operate,” she said.

“There is nothing we’ve seen throughout the ACCC process that has caused us to change our view on these
matters and we believe the Tribunal will accept the merits of our case.

“In fact, the 12 months that have passed since the transaction was announced have only reinforced the rationale
for the sale, and the importance of the benefits it will deliver for our stakeholders, the state of Queensland and
the broader public.

“Together with ANZ, we will make our case to the Tribunal, which is led by a justice of the Federal Court of
Australia. The Tribunal will look at all of the evidence with fresh eyes before forming its own view.”

Suncorp Group CEO Steve Johnston said the decision meant employees, customers, shareholders and the
broader Australian public wouldn’t reap the many benefits the deal would deliver in the near term.

“This includes the significant jobs and investment package Suncorp and ANZ agreed with the Queensland
Government as a consequence of the transaction, and which remains contingent on all approvals being
received."

Mr Johnston said the Group remained fully committed to Suncorp Bank while the process continued.

“We will continue to deliver valued banking and insurance products and services through our trusted brands and
dedicated people. Our focus on delivering for our customers, communities and shareholders does not change.”

Should the Tribunal provide its approval, the sale remains subject to the amendment of the State Financial
Institutions and Metway-Merger Act and final approval from the Federal Treasurer under the Financial Sector
(Shareholdings) Act.

Subject to all approvals being received, we now expect completion by the middle of the 2024 calendar year.

Authorised for lodgement with the ASX by the Disclosure Committee.


ENDS
For personal use only

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Suncorp Group Limited | ABN 66 145 290 124 | Level 28, 266 George Street, Brisbane Qld 4000
suncorpgroup.com.au



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


Kyran McGushin +61 438 087 980
kyran.mcgushin@suncorp.com.au















For personal use only