ANZ’s acquisition of insurer Suncorp’s banking arm is back on track after the federal treasurer signed off on the deal, but awaits one final approval. The big four bank’s pursuit of the business under a deal worth up to $5 billion has been rocky after the competition watchdog last year rejected the deal first proposed in 2022. “This decision comes after careful consideration, much deliberation and consultation, and a long and thorough process,” Treasurer Jim Chalmers said on Friday.
The deal is also subject to lending commitments, with ANZ told to provide $15 billion towards Queensland’s renewable energy projects and the 2032 Olympics preparations. The bank is also required to lend $10 billion for bioenergy and hydrogen projects over 10 years and $10 billion for Queensland small businesses over three years. Amid a national housing crisis, the bank also will have new home lending targets of 3000 properties and $350 million in housing-related lending.
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Source: FinancialReview - 🏆 2. / 90 Read more »
ANZ-Suncorp deal: Treasurer Jim Chalmers says deal can go ahead subject to conditionsTreasurer says acquisition can go ahead; Albanese attacked over Assange welcome; economists predict more RBA rate hikes. Follow updates live.
Source: FinancialReview - 🏆 2. / 90 Read more »
ANZ-Suncorp deal: Treasurer Jim Chalmers says deal can go ahead subject to conditionsTreasurer says acquisition can go ahead; Albanese attacked over Assange welcome; economists predict more RBA rate hikes. Follow updates live.
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