(Adds deal details, withdrawal of talks to buy MYOB)
July 18 (Reuters) - Australia and New Zealand Banking Group (ANZ) on Monday said it will buy insurer Suncorp Group's (SUN) banking operations for A$4.9 billion ($3.33 billion) to expand its retail and commercial businesses.
ANZ, one of the country's top lenders, will raise about A$3.5 billion to fund the acquisition, the bank said.
The acquisition of Suncorp Bank will add A$47 billion portfolio of home loans, A$45 billion in deposits and A$11 billion in commercial loans, ANZ said.
"With much of the work to simplify and strengthen the bank completed, and our digital transformation well-progressed, we are now in a position to invest in and reshape our Australian business," ANZ Chief Executive Officer Shayne Elliott said.
Separately, ANZ withdrew from its discussions with private equity giant KKR & Co KKR.N to buy software firm MYOB Group.
($1 = 1.4734 Australian dollars) (([email protected]; Twitter: https://twitter.com/sameer_manekar))
News: SUN UPDATE 1-Australia's ANZ to buy Suncorp's banking unit for $3.3 bln
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Last
$20.48 |
Change
0.170(0.84%) |
Mkt cap ! $22.17B | |||
| Open | High | Low | Value | Volume |
| $20.31 | $20.50 | $20.28 | $23.84M | 1.166M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 7 | 5387 | $20.48 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $20.50 | 4832 | 5 |
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| Last trade - 16.10pm 28/07/2025 (20 minute delay) ? |
| SUN (ASX) Chart |