Over the last six weeks, we’ve held numerous meetings with members across the country to discuss the sale of Suncorp Bank to ANZ.
Within the past fortnight, Suncorp has provided impacted employees with new employment contracts as a first step in the transition to ANZ. Upon accepting this contract, employees will transition to Suncorp Metway Limited (SML).
These contracts are only provided to Suncorp Bank employees who work in positions transitioning across to ANZ. Employees remaining at Suncorp Group (e.g. insurance employees) will not receive contracts as there is no change to your employment and you do not need to do anything.
This is the first step that is required before completion of the Suncorp Bank sale to ANZ can occur. The completion of the sale is expected to occur by the end of July 2024.
Under transmission of business legislation, conditions of employment that are set out in Enterprise Agreements will follow impacted employees who are part of the business being sold. In this case, all affected Suncorp Bank employees will continue to be covered by the Suncorp Group Enterprise Agreement 2015 (Suncorp EA), immediately after signing the contract. Through the process, no affected employee should be worse off overall and the contracts on offer reflect this principle.
This is an important question. Through this transition process, Suncorp Group will no longer have a position for you. However, because your role functions under the new employer entity, a comparable position exists for you. By not accepting this new contract at SML, you will have effectively resigned from your position and would receive no severance payment.
As a condition of the sale, Suncorp is providing 10 business days for impacted Suncorp Bank employees to accept the contracts on offer. Suncorp report they are undergoing a systematic process to ensure all impacted employees have the opportunity to sign contracts within this timeframe. If you are impacted by the sale and wish to continue employment in your role, it is important that you accept the contract offer within the 10 business days. If your intention is to accept the offer but are unable to meet this timeframe, it is important that you immediately notify Suncorp’s People Connect on [email protected]
This is the largest sale within the finance industry in recent years and the FSU will support impacted members through the entire process. If you have questions, concerns, or require support and assistance, please contact the FSU Member Rights Centre on 1300 366 378.
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