ANZ will take ownership of Suncorp’s banking business on August 1 following last week’s proclamation of amended Queensland laws to facilitate the $4.9 billion deal.

Suncorp’s sale of its banking arm has already met government and regulatory conditions, and proclamation of the State Financial Institutions and Metway Merger Amendment Bill was the last hurdle.

ANZ says the proclamation paves the way for completion at the end of this month, as was announced previously.

“As a result, ANZ will welcome about 3000 employees and 1.2 million customers into the ANZ Group on August 1 2024,” the bank said.

The sale was announced in July 2022 and was contingent on approval from the Treasurer, competition clearance and Queensland legislative amendments.