Union warns Suncorp bank takeover a danger to Queensland jobs
Richard Dinnen - Queensland Editor |
The Finance Sector Union (FSU) says the proposed ANZ takeover of Suncorp’s banking business will cost thousands of Queensland jobs and could even kill off the Suncorp banking brand.
ANZ announced its five billion dollar bid yesterday, with chief executive, Shayne Elliott, calling it a “cornerstone investment for ANZ and a vote of confidence in the future of Queensland”.
The proposed acquisition will need approval from the Australian Competition and Consumer Commission and the Federal Treasurer, Jim Chalmers.
ANZ said there would be no job losses or changes to the number of Suncorp Bank branches in Queensland for at least three years after the deal was completed.
But FSU Secretary, Julia Angrisano, said back-office functions would be the first to go, followed by branch closures, especially in locations with both ANZ and Suncorp branches.
“This is bad for jobs and bad for competition. The FSU will be making submissions to Treasurer Jim Chalmers and the ACCC, calling on them to reject this deal.
“ANZ’s Shayne Elliott is trumpeting no net job losses for three years. What he really means is that there is no future for thousands of our members across Queensland once that three years is up.”
“It is not, as the bank claims, an investment in Queensland. This is about the ANZ getting its hands on Suncorp’s $47 billion in home loans, $11 billion in business loans, $45 billion in deposits and 1.2 million customers.”
“This deal is all about profits for the ANZ Bank.”
Suncorp is an iconic Queensland brand with more than 100 years of operation in banking, finance, and insurance. It owns brands such as AAMI, GIO and Shannons.
Suncorp said the sale of its banking arm would support the growth of its insurance business.
But the FSU’s Julia Angrisano said any such growth would come at great cost to Suncorp and its banking customers.
“This is a corporate marriage made in hell for Suncorp Bank staff. “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.”
