18 Jul 2022
ANZ CEO Shayne Elliott says the acquisition of Suncorp Bank is a bet on the state of Queensland and an exciting opportunity to drive better outcomes for customers of both companies.
Speaking with bluenotes, Elliott said it’s ANZ’s strategy to allocate more capital and management focus to improve the quality of the Australian franchise.
"We've been in Queensland since 1851… This rounds out our capabilities across the state and is a platform for growth.” – Shayne Elliott
“Suncorp Bank is an [attractive] business,” he says. “They've done [the] hard yards of getting their business into a great shape and… there's a lot of affinity with ANZ - really similar cultures, really purpose driven organisations.”
Click here for a transcript of this video
Elliott points to the Queensland’s demographics, growth profile, economic diversification and major commitment to sustainability and renewable energy as positive factors which complement ANZ’s strategy.
“We've been in Queensland since 1851 [and] we've got a really good business there, predominantly focused on Institutional banking. This rounds out our capabilities across the state and is a platform for growth.”
If the necessary regulatory and government approvals required for the acquisition are obtained, Elliott says the deal reshape the geographic focus of the bank.
“Our [business and balance sheet] are very heavily focused into Victoria and New South Wales. This brings Queensland up to a not dissimilar level - it transforms the balance of our business.
“It will strengthen the quality of our franchise while maintaining the things that are really important to us in terms of purpose, culture, values and our commitment to sustainability.”
Elliott says ANZ has focused for a number of years on strengthening its financials while building management depth and those factors make him confident the bank will be able to manage the execution risk which are a factor in all such acquisitions.
“[It’s about] the quality of the people [and] the way we organise ourselves. Making sure we're really focused and deliberate, [and] building our capabilities on execution… We're very confident we can do this well.”
However, Elliott reinforces the Suncorp Bank brand, as well as its staff and management team, will remain separate to ANZ for a period of time while a longer term outlook and strategy are assessed.
“We want to give customers the reassurance business will continue - they'll be dealing with the same people, with the same great services, with the same executive team and the same brand,” Elliott says. “Suncorp Bank is a strong brand and it gives customers the confidence the organisation they're dealing with, by and large… will continue to be there.”
Elliott says he’s been impressed from what he’s seen at Suncorp Bank and the transformation CEO Banking & Wealth Clive van Horen and his team have made over a number of years.
“It's a simpler, stronger bank today. It's a high-quality franchise [with] lots to be proud of,” he says.
You can learn more about the acquisition by watching the video above.
Andrew Cornell is Managing Editor of bluenotes
18 Jul 2022
18 Jul 2022