Reported 9 months ago
Australia has approved ANZ Group's $3.26 billion buyout of Suncorp's banking business after almost two years of scrutiny by financial regulators and the treasury. The deal, subject to enforceable conditions, will allow ANZ to acquire Suncorp's banking operations while ensuring Australians maintain access to vital banking services and protecting employees from job cuts for three years. The transaction will enable Suncorp to focus on its insurance businesses amid challenges in the sector. This approval comes after the deal was initially blocked by Australia's competition regulator in August but later cleared by the Australian Competition Tribunal in February.
Source: YAHOO