Tag: ANZ
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ANZ’s $4.9 billion takeover of Suncorp Bank to be completed by end of month
Queensland’s Office of Parliamentary Counsel on Tuesday officially proclaimed legislative changes that passed parliament in June, paving the way for the merger to go ahead on July 31. 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. ANZ…
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ANZ charged fees to dead clients
The major bank was found to have failed to stop charging or refund fees charged to deceased estates after customers’ deaths. It also failed to respond to requests for information from the dead clients’ representatives, which it is required to do in under 14 days. ANZ identified the issue in 2022 but took over a…
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ANZ’s takeover of Suncorp is back on track after green light from Canberra
The big four bank’s pursuit of the business under a deal worth up to $5 billion has been rocky after the competition watchdog last year rejected the deal first proposed in 2022. “This decision comes after careful consideration, much deliberation and consultation, and a long and thorough process,” Treasurer Jim Chalmers said on Friday. Dr…
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ANZ Community Ball raises $230,000 for SA charities
Now in its fifth year, the ANZ Community Ball, held in partnership with ANZ and the Women’s and Children’s Hospital Foundation, has raised more than $1.45 million in total for South Australian charities. ANZ Chief Risk Officer Kevin Corbally said: “I’m really proud that ANZ’s South Australian team are so passionate about delivering this important…
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Competition concerns after big bank buyout is approved
An August decision by the Australian Competition and Consumer Commission (ACCC) declining to authorise the acquisition was overturned in a landmark judgment on Tuesday. The Australian Competition Tribunal found the proposed merger represented a “net public benefit”. “(The) forecast integration and productive efficiencies from the proposed acquisition constitute real and tangible benefits to the public,”…
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ANZ the latest Big Four bank to post $7 billion in profits
ANZ posted a cash profit of $7.4 billion for fiscal 2023, up 14 per cent from the $6.5 billion it made in 2021/22. Its statutory net profit was flat at $7.1 billion. “This is a strong annual result, with record revenue and cash profit following several years of transformation,” ANZ CEO Shayne Elliott said on…
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Big bank admits ‘significant impact’ of branch closures
Westpac chief customer engagement officer Ross Miller told a Senate inquiry into regional bank closures on Thursday it recognised not all customers were ready to “move online”. “For a small minority, going into a bank branch is still preferred and necessary,” he said. “This means while there are fewer people using our branches, the absence…
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Kate Ceberano to wow ANZ Community Ball
The ANZ Community Ball is an evening celebrating South Australian communities and raising funds for the local charities, according to Adele Fiene, the State General Manager SA/NT Business Banking at ANZ. She said the charities include The Royal Flying Doctors Service, Operation Flinders, Women’s and Children’s Hospital Foundation, Zahra Foundation, Breakthrough for Mental Health, Zoos…
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Big bank tips extra mortgage pain for Christmas
ANZ is now predicting that interest rates will rise above three per cent this year, more than 12 months earlier than previously forecast. The bank is predicting four successive 50 basis point rate hikes in August, September, October and November – a full 200 basis points of tightening that’ll see the cash rate hit 3.35…