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Plain text size Larger text size Text size is very large When ANZ Bank chief executive Shayne Elliott floated the prospect of buying Suncorp bank with its board of directors, it didn’t take long to sell off the benefits of the deal. When he announced this week’s $4.9 billion bid, Australia’s biggest banking deal in more than a decade, Elliott said there was an initial view from the board that the deal would align with the bank’s strategy. “Nobody sitting around the board table at ANZ, or quite frankly very many places in the country, is saying that this doesn’t make sense to ANZ,” Elliott said. “That makes sense. We’ve always said that we want to strengthen our retail and commercial banks.” Likewise, most analysts and investors this week gave the thumbs up for its ambitious expansion. If successful, ANZ will jump to third place in the competitive home loan market and develop into a fast-growing country. But the proposed deal offended others. It was met with fierce opposition from a

A union boss has warned the ANZ-Suncorp deal would put thousands of employees out of work and trigger mass closures of dozens of bank branches. ANZ on Monday announced its proposed purchase of smaller rival bank Suncorp for $4.9 billion – marking it as the country’s biggest banking deal in 14 years. The bank’s chief executive, Shayne Elliott, has pledged to retain Suncorp’s Queensland branches and staff for at least three years. However, the Financial Sector Union (FSU) is skeptical and has warned thousands of workers will lose their jobs when the three-year period ends. Queensland Secretary Wendy Streets told Daily Mail Australia that both ANZ and Suncorp employees should be aware of the consequences of the deal. A union boss has warned the ANZ-Suncorp deal will cost thousands of employees and trigger mass closures of dozens of bank branches ANZ on Monday announced a proposed purchase of smaller rival bank Suncorp for $4.9 billion – marking it the country’s biggest banking