ANZ's A$4.9 Billion Suncorp Bank Acquisition Gets Treasurer's Approval
By Stuart Condie
SYDNEY--ANZ Group Holdings edged closer to completing Australian banking's largest acquisition since 2008 when the country's treasurer approved its move for Suncorp Bank.
ANZ on Friday said that Treasurer Jim Chalmers had approved the 4.9 billion Australian-dollar (US$3.26 billion) acquisition, which was announced in July 2022, on the condition that the combined group didn't close any regional branches or make any net job losses for three years.
To help ease the transaction, ASX-listed insurer Suncorp said it would waive a A$10 million annual licensing fee that ANZ had previously agreed to pay for five years. It said it still planned to return proceeds to shareholders, and expected to start the process in the January quarter of 2025.
Write to Stuart Condie at stuart.condie@wsj.com
(END) Dow Jones Newswires
June 27, 2024 19:01 ET (23:01 GMT)
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