State Financial Institutions and Metway Merger Amendment Bill 2024
Bill Story
The journey of this bill through Parliament, including debate and recorded votes.
Referred to Cost of Living and Economics Committee
Confirmed the opposition will not oppose the Suncorp-ANZ merger bill, noting it allows the banking business of Suncorp to be taken over by ANZ subject to federal government considerations.
“I confirm that the opposition will not oppose the State Financial Institutions and Metway Merger Amendment Bill 2024 that is part of this cognate debate.”— 2024-06-13View Hansard
Indicated LNP will not stand in the way of the federally approved Suncorp-ANZ merger, while noting concerns about regional branch closures.
“If it is good financially to protect the ongoing interests of Suncorp customers, then we in the LNP will not be standing in the way of this federally approved outcome.”— 2024-06-13View Hansard
Plain English Summary
Overview
This bill ensures Suncorp remains headquartered in Queensland after selling its banking business to ANZ. It updates existing legislation to require Suncorp's insurance business to maintain its registered office, head office, key corporate functions, and at least one board director in Queensland.
Who it affects
Suncorp must keep its headquarters and corporate functions in Queensland. This protects local jobs in head office roles and ensures the company maintains a strong Queensland presence.
Key changes
- Suncorp's registered office and head office must remain in Queensland
- At least one board director must be ordinarily resident in Queensland
- The CEO's principal office must be in Queensland and they must perform their role primarily here
- Group corporate services (finance, legal, HR, technology, etc.) must be performed wholly or partly in Queensland
- Suncorp's CEO must certify compliance to the Treasurer annually by 31 July
- These requirements will apply to any future entity that acquires Suncorp's insurance business