If the proposed $4.9 billion acquisition of Suncorp’s banking activities goes through, ANZ Banking Group estimates that it will take some time to transfer all of Suncorp Bank’s retail clients to ANZ Plus.
indicated that the lengthy process to replatform Suncorp Bank onto a new core would likely come to an end with ANZ’s proposed purchase of Suncorp Bank.
The migration of Suncorp’s customers to ANZ’s own core banking system will take place, according to ANZ, but it may take some time to complete.
According to ANZ CEO Shayne Elliott, “our objective, at a right time, some years away – we will transition those 1.2 million clients across to the ANZ Plus technology stack, perhaps more by that time.”
Elliott stated that the acquisition gave ANZ a choice as to what to do with Suncorp’s customers: “Either we paint that customer base blue [that is, move them to ANZ-branded products] or we build another brand.” This was after ANZ “totally rebuilt” its technological stack in ANZ Plus.
Although that option is still in front of us, they will all be using the same technology stack.
He predicted that the migration would take some time, probably several years.
Banking is “increasingly a digital arms race,” according to Paul O’Sullivan, chairman of ANZ. Suncorp contributed “size and scale” to the client base supported by that investment, he said.
Elliott claimed that even though ANZ is the smallest of Queensland’s “Big Four,” “every aspect of Suncorp has a natural home in ANZ.”
After the transaction concludes, the group has promised to keep the Suncorp name, personnel positions, and branch network intact for five years.
The brand licence deal has a two-year renewal option as well.
Elliott declined to comment on how much of the $40 million that ANZ is allocating for “stranded expenses” in the transaction will be spent on technology.
