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ANZ shares were at $21.64, and were at $25.68 in late May. Suncorp shares closed on Friday at $11.10, having fallen from $12.26 in late May along with other banking sector stocks. The market will watch for investor reaction to the proposal on Monday. Other questions being asked in the market included any job cuts with Suncorp’s banking arm being shed. “I accept it is probably a forlorn hope given the complexity of the business and the war for executive talent”. “I would hope that some element of the ‘operational offices’ obligation remains and some physical connection, whether it be through board meetings or executive presence, be retained,” he told The Australian Financial Review. Queensland deputy opposition leader David Janetzki. Shadow treasurer David Janetzki, himself a former general counsel of Toowoomba-based Heritage Bank, argued “the spirit of the localisation legislative obligations has been pushed” over the years, but ANZ would need to “carefully consider what may be appropriate”. Since then, smaller fintech lenders have emerged with mixed results. The last big regional buyouts were in 2008 when CBA bought Bankwest and Westpac acquired St George. Under Suncorp chief executive Steve Johnston, ironically an advisor to the Borbidge government in 1996 who helped push through the merger legislation, a review of the banking arm was revealed last month. Pressure has mounted for decades on whether to keep insurance and banking in the same company – even last year investors were arguing the two divisions together failed to provide tangible benefits.
Suncorp’s bank is part of a financial conglomerate formed in 1996 by merging Queensland state-owned entities QIDC and insurer Suncorp with the listed Metway Bank. But Westpac and ANZ are competing hard on price, with potential implications for net interest margins despite the rising rate environment. ANZ has since faced a difficult road growing its book as the housing market slows and competition increases.ĪNZ chief executive Shayne Elliott promised discipline on pricing, as competition for refinancing of fixed mortgages intensifies. That proposal in 2008 fell apart at the last minute.ĭelays processing home mortgages meant ANZ missed the recent boom in growth as Commonwealth Bank of Australia and National Australia Bank grew market share. The deal would unite ANZ and Brisbane-based Suncorp’s bank nearly 14 years after the global financial crisis almost triggered a shotgun wedding between the two entities. The deal, revealed by Street Talk on Friday, stands to be Australia’s biggest banking buyout in more than a decade. In a test for new ACCC chairwoman Gina Cass-Gottlieb, the competition regulator confirmed on Sunday it would decide “whether a public review into the impact of competition is necessary, taking into account the bidders” if an offer was to eventuate. Market speculation suggests ANZ has been in Suncorp’s data room assessing the business since early last month.ĪNZ CEO Shayne Elliott and Suncorp’s Steven JohnstonĪny deal would likely require approval of the Australian Competition and Consumer Commission and federal Treasurer Jim Chalmers, and also have to navigate Queensland laws that bind the bank to its home state. The Melbourne-based bank was preparing a $3.5 billion capital raising as soon as Monday for the deal, which would value Suncorp’s bank at $4.9 billion. ANZ is poised to swoop on Suncorp’s bank in a $5 billion offer aimed at bolstering the big four institution’s languishing home loan division if the deal passes competition and political hurdles.
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