Suncorp says no change after ANZ given nod to buy banking arm

Suncorp says a regional hub expected to employ 120 insurance professionals in Townsville will still proceed after approval was granted for ANZ’s likely purchase of the company’s banking arm.

ANZ is expected to maintain its and Suncorp Bank’s regional branch numbers throughout Australia for three years. Picture: Richard Gosling

Suncorp says a regional hub expected to employ 120 insurance professionals in Townsville will proceed after a crucial approval was granted to ANZ’s purchase of the company’s banking arm.

ANZ have been contacted for comment on what the expected purchase means for Suncorp’s banking customers and employees in Townsville and North Queensland.

Suncorp confirmed on Friday morning that a previously announced $2m hub will go ahead although the insurer says it is still hunting for a suitable location.

ANZ has set a July date for completion of its $4.9bn takeover of Suncorp Bank – previously opposed by the ACCC – after Treasurer Jim Chalmers’ conditional nod following reassurances on jobs and branch numbers.

Thuringowa MP Aaron Harper claims the deal will strength Suncorp’s presence in Townsville. Picture: Shae Beplate

ANZ is expected to maintain its and Suncorp Bank’s regional branch numbers throughout Australia for three years.

The state government on Friday claimed that Townsville was the “big winner” out of the federal government’s decision allowing ANZ to take over Suncorp’s banking business.

“When ANZ first raised the prospect of buying Suncorp, I made it crystal clear this deal could only go ahead if Queensland was the winner, and especially regional Queensland,” Deputy Premier Cameron Dick claimed on Friday.

“With federal approval granted, we will now ensure that Suncorp makes good on its commitments, strengthening the financial services sector in state and bringing more skilled jobs here.”

Townsville MP Scott Stewart said the announcement was a “great result” for the city, which would help to diversity the economy and “bring more skilled jobs to the city”.

Thuringowa MP Aaron Harper said the deal would strength Suncorp’s presence in Townsville.

“It means more career paths for school leavers to stay in the north, and more opportunities for workers from other parts of Australia to make a new start here.”

Mundingburra MP Les Walker said Suncorp had always been a Queensland brand.

“So it is only right that it expands its operations here in the heart of the north.”

Originally published as Suncorp says no change after ANZ given nod to buy banking arm