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· Posted on
February 21, 2024

ANZ is hungry for MYOB as the bank eyes small business customers

ANZ bank is reportedly stalking the accounting software group, MYOB.

What's the key learning?

  • MYOB is used by more than 1 million Aussie small businesses, making it a nice juicy takeover prospect for ANZ.
  • KKR acquired MYOB in 2019 for $2.4 billion.
  • By bringing MYOB under its belt, ANZ could offer small businesses a full suite of integrated banking and accounting products.

👉 Background: ANZ has around 8.5 million retail and business customers in Australia, and MYOB is an Aussie-founded accounting software company. It provides tax, accounting and business software services to SMEs.

👉 What happened: MYOB is used by more than 1 million Aussie small businesses, making it a nice juicy takeover prospect for ANZ... Which, funnily enough, has reportedly been considering acquiring MYOB from its private equity owner KKR.

👉 What else: It's hard to know how much we'd be talkin' for this deal, but we do know that KKR acquired MYOB in 2019 for $2.4 billion 🤑. And the plan would be to leverage MYOB to improve ANZ's offering to small businesses.

What's the key learning?

💡When it comes to attracting small business customers, there's nothing more enticing than a one-stop shop. For a bank, there's nothing more exciting than keeping all their small biz customers under their own roof 🏠.

💡The big four banks have really focussed on mortgage customers over the past five years, kinda at the expense of small business customers. In fact, just 15% of small business have had a “high quality” interaction with their big 4 bank.

💡But with over 2 million small businesses in Australia, it’s a seriously big market. By bringing MYOB under its belt, ANZ could offer small businesses the holy grail: a full suite of integrated banking and accounting products.

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