Australia & New Zealand Banking Group Ltd. AU:ANZ said it has agreed to buy regional lender Suncorp Bank for about 4.9 billion Australian dollars ($3.3 billion), in a deal that could accelerate growth of its retail and commercial businesses.
The acquisition of Suncorp Bank from Suncorp Group Ltd. AU:SUN will be funded by selling new shares to raise about A$3.5 billion and from existing capital, ANZ said Monday. The entitlement offer price of A$18.90/share is a 12.7% discount to ANZ’s last closing price.