Treasurer Approves Major $4.9 Billion Banking Merger, But With Several Conditions

The new entity must commit to keeping jobs, maintaining a strong Queensland presence, and supporting climate change initatives.

Signage for Australia and New Zealand Banking Group Ltd. (ANZ) is seen at a branch in Sydney, Australia on Feb. 26, 2024. Lisa Maree Williams/Getty Images

ANZ bank’s $4.9 billion (US$3.2 billion) takeover of Suncorp’s banking arm has been given the green light by Australian Treasurer Jim Chalmers—but subject to “strict” conditions.

The move was announced on the morning of June 28 but comes with the provisos that the new entity keep regional branches open, maintains a strong Queensland presence, continues offering cash services, and supports climate change initiatives.