ANZ welcomes Australian Competition Tribunal decision

ANZ Group Holdings Limited
9/833 Collins Street Docklands Victoria 3008 Australia
ABN 16 659 510 791

News Release
For Release: 20 February 2024

ANZ welcomes Australian Competition Tribunal decision

ANZ today welcomed the Australian Competition Tribunal’s (ACT) decision to authorise the
proposed acquisition of Suncorp Bank.

In August 2023, ANZ and Suncorp Group applied to the ACT for a review of the Australian
Competition and Consumer Commission’s (ACCC) earlier decision
1
not to authorise the
acquisition.

ANZ Chief Executive Officer Shayne Elliott said: “This is a significant milestone and an
important step forward in the process, however we still have further conditions to meet. We
remain committed to completing the acquisition as soon as possible once all sale conditions
are met.

“Suncorp Bank is a high-quality business with a strong team and excellent customer base,
and we look forward to bringing them access to the best of ANZ, including our platforms and
technology. We strongly believe that the acquisition presents significant opportunities for
ANZ, Suncorp Bank and our customers, as well as major public benefits including for
Queensland.”

Completion of the acquisition remains subject to legislative amendments by the Queensland
Parliament and approval by the Federal Treasurer.

ANZ entered an agreement
2
to purchase Suncorp Bank in July 2022, in a move to accelerate
the growth of ANZ’s retail and commercial businesses while offering better outcomes for
Suncorp Bank customers.


For media enquiries contact:
Lachlan McNaughton
Head of Media Relations
Tel: +61 457 494 414
Elizabeth Rudall
Head of Communications, Institutional
Tel: +61 403 130 207
For analyst enquiries contact:
Jill Campbell
Group General Manager, Investor Relations
Tel: +61 412 047 448
Cameron Davis
Executive Manager, Investor Relations
Tel: +61 421 613 819

Approved for distribution by ANZ’s Continuous Disclosure Committee



1
https://media.anz.com/posts/2023/august/accc-decision-regarding-the-acquisition-of-suncorp-bank
2
https://media.anz.com/posts/2022/07/anz-accelerates-australia-retail-and-commercial