Risk Company Update

ANZ to buy Suncorp, backs away from MYOB acquisition

ANZ has agreed to buy Suncorp Bank for $4.9 billion, including $47 billion in home loans, $45 billion in deposits and $11 billion in commercial loans, but will not include insurance operations in Australia and New Zealand. Suncorp Bank will continue to be lead by current chief executive Clive van Horen, with ANZ licensing the Suncorp Bank brand for 5-7 years for $10 million per year. ANZ agreed to keep branches open in Queensland for at least three years, with no job losses for that period.

ANZ has withdrawn from talks with Kohlberg Kravis Roberts & Co regarding a possible purchase of accounting software company MYOB.