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ANZ Bank or the Australia and New Zealand Banking Group announced that it be acquiring the banking unit of Suncorp Group. This is a strategic move so it can boost its home loan books.
The ANZ Bank is buying the said asset for AUD$4.9 billion or around $3.33 billion. Once the acquisition is completed, the company’s aim is to fortify its customer growth and home loan book.
As per Reuters, ANZ is one of the top lenders in Australia, however, its loan application processing times was said to have affected it negatively as it slowed down the business. Now, by taking control of Suncorp Bank’s home loan portfolio, the bank is hoping this will improve the process as well as strengthen its mortgage books.
It was reported that as of the last quarter of fiscal 2021, ANZ Bank loaned a total of AUD$633.76 billion while Suncorp Bank had AUD$57.56 billion gross loans, wherein 80% of the total consist of home loans.
The Melbourne headquartered financial services company will be raising around AUD$3.5 billion to have funds for the acquisition deal. The agreement is expected to boost ANZ Bank’s earnings while it will also give Suncorp a net proceeds of AUD$4.1 billion. Suncorp is planning to give back most of the money to its shareholders.
"With much of the work to simplify and strengthen the bank completed, and our digital transformation well-progressed, we are now in a position to invest in and reshape our Australian business," Shayne Elliot, ANZ Bank’s chief executive officer, said in a statement. “The acquisition of Suncorp Bank will be a cornerstone investment for ANZ and a vote of confidence in the future of Queensland.”
Suncorp Bank’s chairman, Christine McLoughlin, also added, "We believe the agreed price fairly values the bank and reflects the hard work of our people and progress made on delivering our strategic objectives."
Finally, The Sydney Morning Herald reported that under the deal, Suncorp’s banking unit will continue to be operated by Suncorp for five years. The bank’s current CEO, Clive van Horen, will also continue to manage it but he will be reporting to ANZ Bank’s chief Shayne Elliott.
