Federal Treasurer approval of Suncorp Bank acquisition

News Release
For Release: 28 June 2024

Federal Treasurer approval of Suncorp Bank acquisition

ANZ today welcomed the Federal Treasurer’s approval of the proposed acquisition of
Suncorp Bank under the Financial Sector (Shareholdings) Act 1998 (FSSA).

ANZ Chief Executive Officer Shayne Elliott said: “This is a significant milestone in our plans
to expand our presence in Queensland and bring the best of ANZ to Suncorp Bank
customers.

“Queensland is thriving. With strong economic growth, high workforce participation and
more interstate migration than any other state or territory, we’re excited about the
opportunities Queensland presents for ANZ and our customers.

“We are another step closer to welcoming Suncorp Bank customers into the ANZ Group.
Suncorp Bank customers will continue to receive the same great service, from the same
exceptional Suncorp Bank staff. Over time, we’ll make available to them ANZ’s leading
technology, giving them access to the very latest in banking services,” Mr Elliott said.

In keeping with other FSSA approvals for bank acquisitions a number of conditions are
attached to the approval, including:
• ANZ will maintain its and Suncorp Bank’s regional branch numbers throughout
Australia for three years.

• There will be no net job losses in Australia as a direct result of the acquisition for
three years. This is consistent with our plans for integrating Suncorp Bank and its
customers.

• ANZ will continue its ongoing best efforts to reach an agreement with Australia Post,
on a commercial basis, to offer Bank@Post services to its customers.

These conditions are aligned with the commitments ANZ made when it announced the
proposed acquisition, which included maintaining Suncorp Bank’s current branch footprint
and no net job losses for Suncorp Bank for three years post completion in Queensland.

These conditions are also not anticipated to impact the benefits expected to flow from the
acquisition.
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ANZ has worked constructively with Suncorp Group to agree to contribute
towards the impact of additional approval related imposts. Suncorp Group has agreed to
waive its brand licensing fee and contribute to some additional integration costs.


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https://media.anz.com/posts/2022/07/anz-accelerates-australia-retail-and-commercial

ANZ Group Holdings Limited
9/833 Collins Street Docklands Victoria 3008 Australia
ABN 16 659 510 791

“Looking ahead, we’re pleased to be one step closer to this strategically important
acquisition which will allow us to add scale to our Retail and Commercial businesses while
enabling ANZ to more effectively compete in the Australian market. Our plans for the
integration are well advanced and we are confident of the substantial benefits that will
flow,” Mr Elliott said.

The acquisition is subject to three sale conditions – authorisation under Australia’s
competition laws, Federal Treasurer approval, and Queensland legislative amendments.

Today’s approval by the Federal Treasurer follows the decision of the Australian Competition
Tribunal to authorise the proposed acquisition on 20 February 2024, and passage of the
State Financial Institutions and Metway Merger Amendment Bill in the Queensland
Parliament on 14 June 2024.

Completion of the acquisition remains subject to the commencement of the Queensland
State Financial Institutions and Metway Merger Amendment Act, which upon proclamation
will amend the Metway Merger Act to fulfil the remaining condition to facilitate the proposed
acquisition.

Once this occurs, completion of the acquisition is expected to occur at the end of July.


For media enquiries contact:
Lachlan McNaughton
Head of Media Relations
Tel: +61 457 494 414

Amanda Schultz
Media and Public Relations Manager
Tel: +61 401 532 325
For analyst enquiries contact:
Jill Campbell
Group General Manager, Investor Relations
Tel: +61 412 047 448

Cameron Davis
Executive Manager, Investor Relations
Tel: +61 421 613 819


Approved for distribution by ANZ’s Continuous Disclosure Committee