Suncorp Group has said that it welcomes the Federal Treasurer's approval of the proposed purchase of Suncorp Bank by ANZ Banking Group under the Financial Sector (Shareholdings) Act (FSSA).
Suncorp Group CEO Steve Johnston said the decision was an important step towards Suncorp Group becoming a dedicated Trans-Tasman insurer, headquartered in Queensland.
“Following completion, Suncorp will focus on meeting the evolving needs of insurance customers and addressing increasingly complex challenges such as climate change and affordability,” Mr Johnston said.
This approval paves the way for the completion of the transaction, which was announced in July 2022, and follows approval from the Australian Competition Tribunal in February 2024 and the passing of legislation by the Queensland government in June 2024 to amend the Metway Merger Act.
Suncorp and ANZ are targeting a completion date of 31 July 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.