ANZ was recently very interested in acquiring MYOB but now the deal is on ice...and now, it's reportedly in talks to acquire Suncorp too.
👉 Background: ANZ is the third biggest bank in Australia based on retail and business customers. We know that ANZ has recently become verrrry interested in acquiring MYOB. That's the accounting software company used by over a million Aussie small businesses.
👉 What happened: While the MYOB deal is now on ice, ANZ is reportedly in talks with Suncorp about a possible multi-billion dollar acquisition of its banking division. It would cough up somewhere around $5 billion for the keys.
👉 What else: This fits in with the recent trend of big financial services companies selling off non-core assets and returning to their roots.
💡Most businesses start with a core product and then explore new business lines, products and features to expand. For big banks like ANZ, the core product is consumer and business banking.
💡 The core is often the biggest money maker and also where most of the expertise lies. And since the Royal Commission, ANZ has sold off its life insurance, wealth management and car finance businesses.
💡This sell-off gives ANZ space to focus more on mortgages and business banking - the basics. And Suncorp sits squarely within that focus. MYOB on the other hand....?
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