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ANZ announces major banking takeover

Agence France-Presse

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="A pedestrian walks past Australia and New Zealand Banking Group Limited (ANZ) automatic teller machines (ATMs) in Sydney, New South Wales, Australia, 16 December 2019. EPA-EFE/MICK TSIKAS AUSTRALIA AND NEW ZEALAND OUT" src="https://sa.kapamilya.com/absnews/abscbnnews/media/2022/tvpatrol/07/18/anz.jpg"/><figcaption>A pedestrian walks past Australia and New Zealand Banking Group Limited (ANZ) automatic teller machines (ATMs) in Sydney, New South Wales, Australia, 16 December 2019. <em>EPA-EFE/MICK TSIKAS AUSTRALIA AND NEW ZEALAND OUT</em></figcaption></figure></div><p>MELBOURNE, Austraila - Australian banking giant ANZ announced Monday a Aus$4.9 billion (US$3.3 billion) deal to swallow regional lender Suncorp Bank -- one of the biggest takeovers in the sector for more than a decade.</p><p>The takeover of the Queensland-based lender would push ANZ up one spot to make it the nation&#x27;s third-largest mortgage provider.</p><p>But critics warned the deal -- reportedly the largest in Australian banking since 2008 -- would cut competition and concentrate the power of Australia&#x27;s big four banks, if regulators allow it to go ahead.</p><p>ANZ chief executive Shayne Elliott described it as a &quot;cornerstone investment&quot; and a show of confidence in Queensland.</p><p>&quot;We know there will rightly be questions from government and regulators about the competition aspects of this transaction,&quot; Elliott said in a statement.</p><p>&quot;As the smallest of the major banks, we believe a stronger ANZ will be able to compete more effectively in Queensland offering better outcomes for customers,&quot; he added.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/12/24/21/bpi-bpi-family-savings-bank-merger-takes-effect-jan-1-2022">BPI, BPI Family Savings Bank merger takes effect Jan. 1, 2022</a></li>	<li><a href="https://news.abs-cbn.com/business/04/08/22/unionbanks-acquisition-of-citi-ph-consumer-banking-business-gets-pcc-nod">Antitrust body OKs UnionBank&#x27;s acquisition of Citi PH consumer banking business</a></li>	<li><a href="https://news.abs-cbn.com/business/02/28/22/landbank-ucpb-merger-to-start-on-march-1">LANDBANK-UCPB merger starts on March 1, with business-as-usual for customers</a></li></ul><p>Rival Queensland lender Heritage Bank&#x27;s chief executive Peter Lock warned that the takeover of Suncorp Bank would &quot;simply increase the power of the major banks in Australia&quot;.</p><p>ANZ said it planned to raise Aus$3.5 billion to pay for the deal by offering extra stock to existing shareholders. The balance would be financed with existing capital.</p><p>The bank said trading in its shares in Australia and New Zealand had been suspended until Thursday to give institutional investors time to act on its offer.</p><p>The takeover, which is subject to approval by the Australian federal treasurer and competition regulators, was expected to be wrapped up in the second half of 2023, it said.</p><div><strong>RELATED VIDEO: </strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=1889108" width="100%"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div>

Australian banking giant ANZ announced Monday a Aus$4.9 billion (US$3.3 billion) deal to swallow regional lender Suncorp Bank -- one of the biggest takeovers in the sector for more than a decade.