ANZ boss says Suncorp ‘migration’ can avoid Westpac’s St George pain

James Eyers, Liam Walsh and Tom Richardson

Jun 28, 2024 – 2.28pm

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ANZ chief executive Shayne Elliott says he is focused on migrating Suncorp’s banking customers onto his own systems, promising the integration of the two businesses will be different to Westpac’s bungled efforts to bring in St George – which has run for more than a decade.

Mr Elliott, in an interview, said ANZ’s efforts would be different to Westpac’s because it was a “migration” – not an integration – and that the bank didn’t “want any of Suncorp’s systems” after the $4.9 billion transaction.

James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay

Liam Walsh writes on investigations and companies with The Australian Financial Review. He has won multiple media awards, worked in Japan and is now based in Brisbane.

Tom Richardson was a journalist at The Australian Financial Review