More than one million Suncorp Bank customers in Australia will be transferred to ANZ by June 2027, as the $4.9 billion takeover between the two banks moves ahead. The deal, first proposed in 2022, faced years of regulatory scrutiny over concerns it would further concentrate Australia's banking sector, but was ultimately approved by Treasurer Jim Chalmers in June 2024 after an initial block by the competition regulator was overturned. The transition will make ANZ the country's third-largest mortgage lender and marks one of the most significant banking shake-ups many customers will experience.

Suncorp, a Queensland-based bank with a history spanning more than a century, has begun notifying its 1.2 million customers about the switch, which comes with conditions including a three-year ban on regional branch closures and a commitment to maintain overall staff levels. Experts have urged affected customers to use the transition period to review their home loans, savings and everyday banking arrangements, warning that loyalty does not always deliver the best deals. The news follows HSBC's July exit from Australian retail banking and Citi's earlier departure, prompting concern about shrinking competition, though the licensing of digital bank Revolut in July is seen as a potential counterbalance.