Australia & New Zealand Banking Group Ltd.ail and commercial businesses and also improve the geographic balance of its business in Australia.
“With much of the work to simplify and stre said it has agreed to buy regional lender Suncorp Bank for about 4.9 billion Australian dollars (US$3.3 billion), in a deal that could accelerate growth of its retail and commercial businesses.
The acquisition of Suncorp Bank from Suncorp Group Ltd. will be funded by selling new shares to raise about A$3.5 billion and from existing capital, ANZ said Monday. The entitlement offer price of A$18.90/share is a 12.7% discount to ANZ’s last closing price.
ANZ said the deal will boost growth of its retngthen the bank completed, and our digital transformation well-progressed, we are now in a position to invest in and reshape our Australian business. This will result in a stronger, more balanced bank for customers and shareholders,” said Chief Executive Shayne Elliott.
Suncorp Bank, based in Australia’s Queensland state, has a home loan portfolio of about A$47 billion, A$45 billion in deposits and A$11 million in commercial loans.
