ANZ-Suncorp deal gets final stamp of approval

The transaction first announced in July 2022 was approved by federal treasurer Jim Chalmers on June 28 and by the Australian Competition Tribunal on February 20.

The ANZ-Suncorp merger will be completed on July 31. (Esther Linder/AAP PHOTOS)

ANZ said on Tuesday it would welcome Suncorp bank's roughly 3000 employees and 1.2 million customers into ANZ Group on August 1.

"This strategically important acquisition will boost ANZ's presence in Queensland, add scale to our retail and commercial businesses and enable us to compete more effectively across the Australian market," ANZ chief executive Shayne Elliott said.

In return for the legislative changes allowing the deal to go ahead, ANZ has agreed to hire or place 700 people into a new tech hub in Brisbane over the next five years.