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

By Maria Gil · · 2 min read
Fact Checked
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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.

Bank account comparisons on Mozo

Mozo may receive payment if you click products on our site. We don’t compare the entire market, but you can search our database of 168 bank accounts.
Last updated 17 May 2025 Important disclosures
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  • Choice

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    Enjoy $0 monthly account fees and international fees, with no minimum deposit or balance requirements. Buy, hold and spend in 10 currencies (AUD included) and earn 2% cashback for purchases under $100 (T&C’s apply). Mozo's Experts Choice 2025 winner for Exceptional Everyday Account.^

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  • Everyday Options Account

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    Enjoy 0% foreign currency conversion fees on Visa Debit card purchases. Plus make an eligible purchase using your linked Visa Debit card to earn cashback at participating merchants. $0 monthly account keeping fees & the option to open up to 9 sub-accounts. Suncorp Bank (Norfina Limited ABN 66 010 831 722 AFSL 229882 Australian Credit Licence 229882). The SUNCORP brand and Sun Logo are used by Suncorp Bank (Norfina Limited) under licence and Suncorp Bank is not part of the Suncorp Group.

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^See information about the Mozo Experts Choice Bank Account Awards

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