ANZ acquisition of Suncorp Bank closer after ACCC decision
A shock decision that paves the way for ANZ’s acquisition of Suncorp Bank is ‘a shot in the arm’ for North Queensland, an MP says. See why.
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A shock decision that paves the way for ANZ’s acquisition of Suncorp Bank is “great news” for North Queensland, an MP says.
Townsville MP Scott Stewart said he was excited by the news that the decision to block the $4.9 billion takeover had been overturned by the Australian Competition and Consumer Commission.
Mr Stewart said on Tuesday that the State Labor Government had been working “exceptionally hard” to overturn the original ACCC decision.
“It’s great news for us, I’ve fought long and hard to make sure part of the deal is about getting regional jobs, particularly here in Townsville, the largest city in North Australia,” he said.
“The commitment that we received is that there will be 100 jobs here, based in Townsville, as a support centre.”
The minister for resources and critical minerals said commitment was “great news”.
“But it also shows that commitment back to regional Queensland … it’s a real shot in the arm for us in the North.”
The acquisition will increase ANZ’s market share in the competitive Queensland banking market.
ANZ has reportedly promised to inject $35 billion into the Queensland economy if the deal was ultimately successful.
A Suncorp spokeswoman said the deal still required government approval.
Treasurer Cameron Dick said Suncorp would retain its headquarters in Queensland, invest in disaster-response capabilities and “grow employee numbers in Townsville”.
He said Suncorp had also committed at least $2 million to establish “the Suncorp Regional Hub in Townsville with 120 new jobs”.
Shadow Treasurer David Janetzki said that whatever occurred in the months ahead, it was important to keep the ‘sun’ in Suncorp.
“Cameron Dick must guarantee that during the Queensland housing crisis, Queenslanders will not be worse-off under a big bank buy-out of an iconic Queensland bank.”
ANZ said Suncorp Bank would continue to be led by current CEO Clive van Horen.
Mr van Horen said it was business as usual with no planned changes to employment conditions for employees.
“The acquisition will not result in any net job losses in Queensland for Suncorp Bank for at least three years post completion,” he said.
“The same great staff that serve customers today will serve customers tomorrow as members of the Suncorp Bank team and we are committed to building on the great service customers have already been experiencing.”
Townsville Enterprise CEO Claudia Brumme-Smith highlighted the positive impact the potential deal wold have on the region.
She said the employment hub would “strengthen the workforce by providing quality and stable employment.”
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Originally published as ANZ acquisition of Suncorp Bank closer after ACCC decision
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