Bendigo accuses Suncorp of avoiding engagement over Bank sale

Mike Taylor

Managing Editor/Publisher, Financial Newswire

8 November 2022

Bendigo and Adelaide Bank has taken a swipe at Suncorp over the latter’s decision to sell Suncorp Bank to ANZ Banking Group.

Bendigo and Adelaide chair, Jacqueline Hey made her bank’s displeasure with Suncorp clear when she accused Suncorp of actually avoiding engagement with Bendigo and Adelaide.

Addressing the bank’s annual general meeting, Hey said that while the company did not comment on merger and acquisitions activity in the normal course of activity “given this one is public do believe it’s important our shareholders are fully aware that Suncorp avoided engagement with our Bank – despite repeated approaches – an instead announced a transaction with a big four bank”.

“We believe this will only further entrench Australia’s banking oligopoly and provide sub-optimal outcomes for customers and communities,” she said.

“The proposed sale of Suncorp to ANZ Banking Group is still to be approved by the relevant Federal and State Government and the ACCC, and we await their respective decisions with interest.”