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ANZ’s Suncorp deal buys back lost market share

Pattrick Smellie
Tue, 19 Jul 2022

ANZ’s Suncorp deal buys back lost market share
Slow burn: what is ANZ ceo Shayne Elliott achieving with the Suncorp acquisition? (Image: Getty)
Pattrick Smellie
Tue, 19 Jul 2022
ANZ Bank’s A$5 billion ($5.5b) takeover of Suncorp’s Australian banking operations is effectively delivering ANZ four years of lost market share in a single transaction, Jarden analysts say in a note for investors today.While the deal made strategic sense, “it only sees it recover mortgage market share ceded over the past four years”, said chief economist Carlos Cacho and analysts Jeff Cai and Dave Anand.The bank would also be paying “a 20-40% premium for long-term low single-digit accretion”.“Relative...

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