Under Elliott, CEO since 2016, the bank has been focused on cutting costs and offloading non-core businesses, and he says the deal is a sign it is now shifting towards growth.
However, it is likely to face significant regulatory scrutiny, and it’s also emerged that another suitor for Suncorp’s bank - fellow regional Bendigo and Adelaide Bank - missed out on the chance to join forces with Suncorp.
. ANZ approached KKR about potentially selling MYOB about four months ago, a source said, and had close to 200 people working in a virtual data room running a ruler over the business. In any case, late last week there was a flurry of activity inside ANZ as the Suncorp deal entered its final stages. Following board meetings in Melbourne on Friday and Saturday, Elliott and his chief financial officer Farhan Faruqui flew to Brisbane on Sunday, where ANZ worked out of Macquarie’s office on the deal.While ANZ trumpets the potential to increase its mortgage book by 17 per cent, competition regulators will run a close ruler over a big four bank swallowing up a smaller rival.
clancyyeates If you can't beat them just buy them. Our failed competition policy at work.
clancyyeates As again our tootles tigers APRAinfo and asicmedia sit aside to consolidate the power of the oligopoly. After all slowly we will only have the big 4 as our regulators are so keen to kill competition. Well atleast my bank shares will do well. So it’s good win