ISCOVER
ANZ has said that no decision has yet been made about the future of Suncorp Bank, despite reports in mainstream media that the brand will pull its products from market next year.
Australia and New Zealand Banking Group (ANZ) has said that there are no fixed plans for the future of Suncorp Bank, despite reports from The Australian newspaper that Suncorp-branded home loans, savings accounts, and term deposits will be withdrawn from the market by April-May 2026, with the brand itself targeted to be phased out by the end of 2026.
Suncorp Bank – which became part of the ANZ Group in August last year following a drawn-out merger process that involved the Treasurer stepping in – has been operating alongside its major bank parent company since its acquisition.
Its 3,000-strong team and its 1.2 million customers joined the major banking group last year under legally binding conditions that sought to ensure “Australians continue to have access to vital banking services, employees aren’t left behind, and Queensland and Australia benefit from the transaction”.
These included a ban on regional branch closures for three years, no Suncorp Bank branch closures in Queensland for at least three years, and ensuring no net employment losses across Australia for three years due to the transaction, among several spending commitments in Queensland.
However, The Australian has reported that “sources inside the bank” have been told that new Suncorp-branded home loans, savings products, and term deposits may be discontinued from offer by May next year at the latest.
The Australian added: “Existing customers will retain their Suncorp products, but anyone seeking variations will be pushed to transition to an ANZ account, the sources said.”
The Adviser reached out to ANZ and Suncorp to verify these rumours and was told that the reports are incorrect.
The statement from ANZ said: “Reports in The Australian regarding the future of Suncorp Bank are incorrect.
“A review of our Suncorp Bank integration plans remains underway, and ANZ has made no decisions regarding the future state of Suncorp Bank.
“ANZ is firmly committed to meeting our commitments to the Federal and Queensland Governments, including maintaining regional branch numbers throughout Australia and no net job losses in Australia as a direct result of the acquisition.
“We’re proud of the strength of the Suncorp Bank business and focused on supporting its ongoing success.”
Suncorp Bank has continued to work on tailoring its mortgage offering and is well respected in the broker channel.
According to the Broker Pulse survey for July 2025, the bank had a broker NPS score of +51 and was used by around 14 per cent of broker respondents.
The primary reason brokers said they were recommending Suncorp Bank to their clients was due to its product pricing (59 per cent said this was the primary attraction over July). Indeed, Suncorp Bank’s two-year fixed-rate home loan now starts at 4.79 per cent (owner-occupier package plus special offer for new-to-bank borrowers with a loan-to-value ratio under 80 per cent paying principal and interest).
As reported in the September edition of The Adviser magazine (out now), Suncorp Bank was ranked in the top five recommended non-major banks by brokers and was the eighth-ranked lender of all lenders in the annual Third-Party Lending Report 2025.
Speaking to The Adviser in November last year, the bank’s head of broker partnerships, Paul Brick, said his top priorities for the bank were building on its strong foundations, including high approval rates, fast turnaround times, and strong broker satisfaction. He added that he aimed to maintain Suncorp’s distinct broker proposition, while selectively leveraging ANZ synergies, particularly in areas like investor lending.
The rumours of Suncorp Bank’s mothballing come just days after ANZ announced it would be reducing its headcount by around 3,500 employees as part of major reforms to simplify the bank, led by new CEO Nuno Matos.
While details of the new plans have not yet been revealed (a strategy update is scheduled for 13 October), the bank said on Tuesday (9 September) that the bank is making changes to “simplify the bank, strengthen its focus on its priorities, and deliver for its customers”.
More details of the future strategy of ANZ and its different channels are expected next month.
[Related: ANZ announces major job cuts as part of new strategy]
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