Treasurer Approves Major $4.9 Billion Banking Merger, But With Several Conditions

Published on June 28, 2024

ANZ bank’s $4.9 billion (US$3.2 billion) takeover of Suncorp’s banking arm has been given the green light by Australian Treasurer Jim Chalmers—but subject to “strict” conditions. The move was announced on the morning of June 28 but comes with the provisos that the new entity keep regional branches open, maintain a strong Queensland presence, continues offering cash services, and supports climate change initiatives. The new entity must, for the next three years, ensure no net job losses, and continue working with Australia Post to offer banking services to customers. On climate change, ANZ must offer $15 billion in lending and other commitments to Queensland’s renewable energy projects and support infrastructure development for the 2032 Olympic Games....

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