ANZ’s ‘once-in-a-lifetime’ deal comes with complexity
Shayne Elliott says seven years of simplification has set ANZ up for the $4.9 billion acquisition of Suncorp’s bank. But with deal making and growth comes complexity around execution.
ANZ chief executive Shayne Elliott says the $4.9 billion acquisition of Suncorp’s bank is the culmination of a seven-year journey from complexity to simplicity, and now towards growth.
He argues the hard slog of selling 29 businesses, slashing headcount, releasing more than $13 billion in capital from ANZ’s marquee institutional business and shifting to an agile organisational structure years before the pandemic popularised the concept was all about getting ANZ back into the sort of shape where a deal like this was possible.
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James Thomson is senior Chanticleer columnist based in Melbourne. He was the Companies editor and editor of BRW Magazine. Connect with James on Twitter. Email James at j.thomson@afr.com
