ANZ will acquire Suncorp’s banking business after Treasurer Jim Chalmers gave the $4.9 billion deal a green light, saying it was in the national interest to approve it.
But the government will prevent ANZ from closing any regional branches anywhere in the country for three years in exchange for it allowing the company to buy the Queensland-headquartered bank. The bank will also have to ensure that there are no net job losses for the same period under conditions imposed by Dr Chalmers.
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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 Connect with James on Twitter. Email James at jeyers@afr.com.au
