(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))
(Adds deal details, withdrawal of talks to buy MYOB) July 18...
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Last
$20.60 |
Change
0.120(0.59%) |
Mkt cap ! $22.30B | |||
| Open | High | Low | Value | Volume |
| $20.36 | $20.60 | $20.28 | $38.58M | 1.878M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 2000 | $20.53 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $20.62 | 1120 | 2 |
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| SUN (ASX) Chart |