The firm says the deal will boost the growth of its retail and commercial businesses “while also improving the geographic balance of its business in Australia”.
The acquisition includes around $32 billion in home loans, $30 billion in deposits and $7.5 billion in commercial loans.
ANZ says Suncorp Bank will “initially operate under its existing Authorised Deposit-taking Institution licence with no changes to the total number of Suncorp Bank branches in Queensland for at least three years from completion”.
