ANZ today welcomed the Federal Treasurer's approval of the proposed acquisition of
ANZ Chief Executive Officer
'
'We are another step closer to welcoming
In keeping with other FSSA approvals for bank acquisitions a number of conditions are attached to the approval, including:
ANZ will maintain its and
There will be no net job losses in
ANZ will continue its ongoing best efforts to reach an agreement with
These conditions are aligned with the commitments ANZ made when it announced the proposed acquisition, which included maintaining
These conditions are also not anticipated to impact the benefits expected to flow from the acquisition.[1] ANZ has worked constructively with
'Looking ahead, we're pleased to be one step closer to this strategically important acquisition which will allow us to add scale to our Retail and Commercial businesses while enabling ANZ to more effectively compete in the Australian market. Our plans for the integration are well advanced and we are confident of the substantial benefits that will flow,'
The acquisition is subject to three sale conditions - authorisation under
Today's approval by the Federal Treasurer follows the decision of the
Completion of the acquisition remains subject to the commencement of the Queensland State Financial Institutions and Metway Merger Amendment Act, which upon proclamation will amend the Metway Merger Act to fulfil the remaining condition to facilitate the proposed acquisition.
Once this occurs, completion of the acquisition is expected to occur at the end of July.
Approved for distribution by ANZ's Continuous Disclosure Committee
[1] https://media.anz.com/posts/2022/07/anz-accelerates-australia-retail-and-commercial
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