ANZ Offers $3.4 Billion to Buy Suncorp Bank: Report

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ANZ Offers $3.4 Billion to Buy Suncorp Bank: Report
18 Jul 2022
6 min read

News Synopsis

According to local media, Australia and New Zealand Banking Group has made an offer to buy Suncorp Group's banking unit for around A$5 billion ($3.40 billion), in what could be Australia's largest banking deal in more than a decade.

The Australian Financial Review (AFR) reported on Sunday that ANZ and Suncorp were in late-stage talks over the weekend, with the deal for Suncorp Bank expected to be announced on Monday morning, citing sources involved in the talks.

According to a Suncorp spokesperson, the company does not comment on market speculation. Outside of normal business hours, ANZ did not respond immediately to a request for comment. According to the AFR report, the ANZ offer values Suncorp's banking unit at a premium to its listed rivals on a price-to-book value basis.

The report comes just days after ANZ revealed it was in talks with private equity firm KKR & Co to acquire software company MYOB Group in a deal valued at more than A$4.5 billion ($3.06 billion) by local media. According to the Australian newspaper, ANZ, Australia's fourth-largest lender, may seek a A$3.5 billion equity raise to buy Suncorp's banking operations and has put its plan to buy MYOB on hold.

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