Suncorp sells its bank to ANZ, but what does that mean for you?

people on mountains shouting to each other about banks

Suncorp making an agreement to sell its banking business to ANZ for $4.9 billion raises all sorts of questions. 

But big banks buying and acquiring smaller banks happens frequently, so there’s no need to panic if you’re banking with Suncorp. Typically when a big bank acquires a new subsidiary, it continues to run under its original name.

For example, at the time of writing this, Westpac owns St. George, Bank of Melbourne and BankSA, and while these banks are under the Westpac umbrella, they operate independently. 

ANZ-Suncorp deal still to be finalised

Be mindful that even though ANZ has bought Suncorp’s baking services, the deal still has to be approved by the Australian Competition and Consumer Commission and the Treasurer. 

Until then, ANZ doesn’t officially own Suncorp’s banking.

Also, once the deal is final, Suncorp will continue to operate under its name for the next five years, according to ANZ. There will be no job losses or changes to the number of branches in Queensland for the next three years.

Is it time to switch banks?

If you’re banking with Suncorp and don’t want to fall under ANZ’s umbrella, there are plenty of other bank options available. Every year, Mozo’s expert judges analyse what banks are the best and crown them winners of the Mozo Experts Choice Australia’s Best Banking Awards^. 

Alternatively, if you’re looking to make your finances greener, consider banks that don’t invest in the fossil fuel industry.

No matter what you choose, you don’t need to rush. Unlike Volt Bank’s shutdown that required customers to find new banks in a fortnight, Suncorp’s acquisition is still in the works, so you’ll have plenty of time to research and decide what's best for you and your finances.

In the meantime, you can stay up to date with the latest Australian banking news here at Mozo.

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