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”.
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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
