Finance services

ANZ takeover of Suncorp Bank will lead to job losses, says Financial Services Union

ANZ’s $4.9 billion bid to buy Queensland bank Suncorp has been described as a ‘corporate marriage made in hell’ which will see thousands of people lose their jobs, the report said. Financial Services Union.

The agreement between the two banks was announced on Monday and the acquisition is expected to be completed by the second half of next year.

While ANZ assured Suncorp staff that there would be no change in terms of employment or net loss for at least three years after the merger was completed, the union asserted that employees had indeed been informed that their jobs would begin to disappear.

Financial Sector Union (FSU) secretary Julia Angrisano said back-office functions would be the first to go and claimed ANZ would then embark on an extension of its ‘aggressive’ branch closure program , especially in locations with ANZ and Suncorp branches.

But ANZ also said there would also be no change in the total number of Suncorp Bank branches in Queensland for three years.

“It’s bad for jobs and bad for competition and the FSU will be making submissions to Treasurer Jim Chalmers and the ACCC calling on them to reject this deal,” Ms Angrisano said.

“ANZ’s Shayne Elliott announces that there will be no net loss of jobs for three years. What he really means is that there is no future for thousands of our members across Queensland after these three years are up.

“Now is not the time to close branches and reduce competition in the banking sector. With mortgage rates rising, it is more important than ever to maintain competition.

As part of the takeover, ANZ will absorb $47 billion in high-risk property loans, $45 billion in deposits as well as $11 billion in commercial loans.

Ms Angrisano added that the takeover will cost jobs and kill Suncorp Bank’s brand presence in Queensland.

“ANZ has been unwilling to negotiate a new company collective agreement for the past six years and Suncorp’s expired agreement is three years old,” she said.

“These two companies clearly have a shared culture of putting profits before people. They do not respect the collective voice of their workers and cannot be trusted to maintain banking services for the people of Queensland.

But an ANZ spokeswoman told that its investment in Suncorp Bank provides them with a platform to invest and grow in Queensland, a state with one of the fastest growing economies. from Australia.

“Our goal is to capitalize on Suncorp Bank’s strengths and find ways to add value to it, bringing additional scale and services to Suncorp’s employees, customers and Queensland,” she said. declared.

“The purpose, culture and customers of Suncorp and ANZ are closely aligned and we are committed to ensuring that the great Suncorp Bank brand has greater capacity for growth and prosperity.”

ANZ suspended shares on Monday morning in a trading halt as the bank seeks to raise about $3.5 billion in new equity to buy Suncorp.

The company said it plans to start trading its shares again on Thursday this week.

Read related topics:Brisbane