Suncorp Bank has formally told its customers, brokers, and aggregators that it will progressively move banking products, services, and digital platforms to ANZ.
Suncorp Bank has formally told its 1.2 million customers, in addition to brokers and aggregators, that it will progressively move banking products, services, and digital platforms to Australia and New Zealand Banking Group (ANZ) by June 2027, beginning the customer-facing phase of ANZ’s integration of the Queensland-based lender.
The communication, issued on Monday (7 September), is the first official correspondence with customers on the move and signals the eventual retirement of the Suncorp Bank brand as customers are migrated to ANZ’s banking environment.
Suncorp Bank said the transition would bring the two banks together under a single ANZ brand while pledging ongoing support from existing Suncorp Bank teams throughout the process.
The bank said customers would also gain access to ANZ’s national network of banking specialists and branches and anti-fraud technology and added that it would continue to invest in the communities it serves.
Customer transition begins
Suncorp Bank CEO and ANZ managing director Queensland Bruce Rush said the first communication marked the start of a broader program to explain the transition to customers and channel partners.
“Today marks an important step as we begin informing customers about what it means for Suncorp Bank to become ANZ,” he said.
“As Suncorp Bank becomes ANZ over time, we’ll keep our same focus on our customers. We are committed to making this move straightforward, safe and well-supported, and ensuring customers still see familiar faces and continue to be part of a bank that helps communities thrive.”
The lender said that it had launched a dedicated Move Hub, containing transition information, frequently asked questions and support resources.
It added that the update would be the first of many communications to customers, brokers, and aggregators as the migration progresses.
While the announcement confirmed the direction and end date of the integration, it did not detail immediate changes to broker accreditation, lending policy, product pricing, commission arrangements, lodgement systems, or aggregator agreements.
Long path to integration
The migration is the next major stage of ANZ’s $4.9 billion acquisition of Suncorp Group’s banking division, first announced in July 2022.
The Australian Competition and Consumer Commission initially opposed the acquisition in August 2023 over concerns it could reduce competition in Australia’s banking market, before the Australian Competition Tribunal authorised the deal in February 2024 after ANZ appealed the ruling.
The federal Treasurer approved the acquisition in June 2024, subject to binding commitments from ANZ, including maintaining the combined regional branch footprint for at least three years after completion and ensuring no net job losses among Suncorp Bank employees in Australia as a direct result of the deal over the same period.
ANZ completed the acquisition on 31 July 2024, bringing Suncorp Bank, its approximately 3,000 staff, and 1.2 million customers into the ANZ Group.
The major bank was also granted a transitional licence to use the Suncorp Bank brand for between five and seven years.
Rush said the transition would provide former Suncorp Bank customers access to greater scale and capability while retaining a focus on local relationships and support.
“As customers join ANZ, they’ll have access to a larger network of banking specialists and branches, leading anti-fraud technology, specialist expertise and investments in the communities we serve,” he said.
ANZ has previously said it is targeting a safe and secure migration of Suncorp Bank customers by June 2027.
[Related: ANZ applications slide as Suncorp mortgage book contracts]
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