ANZ buys Suncorp’s banking arm for $4.9bn to boost Queensland presence

Queensland jobs and bank branches to be protected for at least three years under terms of the takeover

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ANZ has agreed to buy Suncorp's banking business for $4.9bn in a deal the big-four lender described as a vote of confidence in Queensland.

Under the deal, ANZ will continue operating under the Suncorp Bank brand for five years as it takes on an additional $47bn in home loans and $45bn in deposits.