Treasurer Jim Chalmers has announced ANZ’s proposal to buy Suncorp Bank can proceed, subject to enforceable conditions. The conditions prohibit regional branch closures for three years, require ANZ to make every effort to join Australia Post’s banking network and require no net employment losses across Australia for three years due to the transaction. Chalmers said he had received advice from Treasury that it would not be in the national interest to prohibit the transaction.
The proposal will allow Suncorp to focus on its insurance businesses at a time when the sector faces a range of specific challenges, including access and affordability.” Chalmers said the conditions to which the proposed acquisition was subject would ensure that “Australians continue to have access to vital banking services, employees aren’t left behind, and Queensland and Australia benefit from the transaction”.
Source: News Formal (newsformal.com)
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