ANZ has agreed to buy Suncorp's banking business for $4.9 billion in Australia's biggest banking deal in a decade, and one the big-four lender describes as a vote of confidence in Queensland.
ANZ will continue operating under the Suncorp Bank brand for five years as it takes on an additional $47 billion in home loans and $45 billion in deposits.
Trading in ANZ shares was halted as the deal was announced on Monday after the bank said it would need to raise about $3.5 billion to fund the buyout.
