Treasurer Jim Chalmers gives final approval for ANZ takeover of Suncorp

ANZ Bank has been given the final approval for its $4.9bn takeover of Suncorp’s banking arm.

ANZ Bank’s $4.9bn takeover of Suncorp’s banking arm has been given the tick of approval from Treasurer Jim Chalmers.

The massive deal comes after ANZ successfully overturned the nation’s competition watchdog’s opposition to the takeover when the Australian Competition Tribunal granted the deal.

“I received very clear advice from Treasury, APRA, ASIC and the Department of Home Affairs that it wouldn’t be in the national interest to prohibit this transaction,” Dr Chalmers said.

The move was approved on Friday. Picture: NewsWire / David Swift

Treasurer Jim Chalmers described his decision to approve ANZ’s $4.5bn purchase of Suncorp Bank as an ‘on balance call’. Picture: NewsWire/Tertius Pickard

Dr Chalmers approved the transaction on Friday morning on the condition ANZ would retain a presence in regional Australia and there will be no net job losses for three years.

The merger is also reliant upon ANZ committing to its reaching an agreement with Australia Post, on a commercial basis, to offer Bank@Post services to its customers.

ANZ chief executive Shayne Elliott said the deal will provide customers with greater choice.

Originally published as Treasurer Jim Chalmers gives final approval for ANZ takeover of Suncorp