ANZ, one of the country’s biggest creditors, will raise around A$3.5 billion to fund the acquisition, the bank said.
The acquisition of Suncorp Bank will add A$47 billion of mortgage loan portfolio, A$45 billion of deposits and A$11 billion of commercial loans, ANZ said.
“With much of the work to simplify and strengthen the bank complete, and our digital transformation well advanced, we are now in a position to invest in and reshape our Australian business,” said Shayne Elliott, Chief Executive Officer. from ANZ.
Separately, ANZ pulled out of talks with private equity giant KKR & Co to buy software company MYOB Group.
($1 = 1.4734 Australian dollars)