Today’s deal means Suncorp staff have effectively been given notice their jobs will start to disappear once ANZ takes over and moves progressively to kill off the Suncorp banking brand.

Finance Sector Union (FSU) Secretary Julia Angrisano said back-office functions would be the first to go and ANZ would then embark on an extension of its aggressive branch closure program, especially in locations with both ANZ and Suncorp branches.

“This is bad for jobs and bad for competition and the FSU will be making submissions to Treasurer Jim Chalmers and the ACCC, calling on them to reject this deal,” Ms Angrisano said.

“ANZ’s Shayne Elliott is trumpeting no net job losses for three years. What he really means is that there is no future for thousands of our members across Queensland once that three years is up.”

“Now is not the time to close branches and reduce competition in the banking sector.”

“With mortgage rates rising it is more important than ever to maintain competition.”

“This deal shows the ANZ is not the least bit concerned with the public interest. It is not, as the bank claims, an investment in Queensland. This is about the ANZ getting its hands on Suncorp’s $47 billion in home loans, $11 billion in business loans, $45 billion in deposits and 1.2 million customers.”

“This deal is all about profits for the ANZ Bank.”

“This is a corporate marriage made in hell for Suncorp Bank staff. ANZ has not been willing to negotiate a new collective Enterprise Agreement for the past six years and Suncorp’s expired Agreement is three years old.”

“These two companies clearly have a common culture of putting profits before people. They don’t respect the collective voice of their workers and they can’t be trusted to maintain banking services to the people of Queensland.”

“This takeover will cost jobs and kill off the Suncorp Bank presence as a brand across Queensland.”

Media contact John Hill 0412 197 079

Authorised by Julia Angrisano, National Secretary