ANZ will focus on restoring Suncorp Bank’s mortgage growth as formal completion of the $4.9 billion transaction begins the delicate process of shifting 1.2 million Suncorp customers onto its own technology systems, and eventually, its big digital bet ANZ Plus.

Queensland legislation amending the Metway Merger Act commenced on Wednesday, enabling ANZ to take control of Suncorp’s bank to allow Suncorp to focus on being a pure-play insurer. ANZ CEO Shayne Elliott described it as “an exciting day”.