Goodbye job applications, hello dream career
Seize control of your career and design the future you deserve with LW career

Suncorp Bank sold to ANZ for $4.9bn

ANZ has bought Suncorp Bank from the Suncorp Group for $4.9 billion, in a landmark transaction.

user iconLauren Croft 21 July 2022 Big Law
expand image

Firm: Herbert Smith Freehills (Suncorp Group), Ashurst (Australia and New Zealand Banking Group)

Deal: Herbert Smith Freehills has advised Suncorp Group on the execution of the landmark transaction involving Suncorp’s sale of Suncorp Bank to ANZ. Ashurst advised ANZ on the transaction.

Value: $4.9 billion


Area: Merger and acquisition, banking and finance

Key players: The HSF team was led by corporate M&A partners Matt FitzGerald and Tony Damian, with Kristin Stammer advising on intellectual property aspects, Linda Evans advising on competition aspects, Charlotte Henry on banking regulatory aspects, Drew Pearson on employment aspects, Ian Reid on separation, with lead M&A senior associates Caitlin Walker, Lucinda Grant and Amelia Morgan supporting the M&A aspects of the transaction.

The team also worked with Suncorp’s legal team, headed by general counsel Belinda Speirs, corporate advisory executive manager David McManus, bank advisory executive manager Tarnya North, and senior corporate lawyers Andrew Phillips and Laura Steele.

The Ashurst team was led by partners Elspeth Arnold and John Brewster and included: counsel Eliza Blandford, partners Peter Armitage, Justin Jones, Mark Bradley and Narelle Smythe, as well as counsel Caroline Ord, partner Anita Cade and senior associate Maria Sun, with partner Andrew Craig and counsel Dora Guslitser.

Deal significance: HSF noted that “this important deal demonstrates the resilience of the Australian M&A market”.

Commenting on the deal, Mr FitzGerald added: “It was wonderful to again work closely with Suncorp’s legal and business development team on an M&A deal of this size and scale. We congratulate the Suncorp team on reaching the signing of this landmark transaction.”

This news follows the sale of ANZ bank to Bendigo and Adelaide Bank earlier this month.