Australia approves ANZ Group's $3.3bn buyout of Suncorp Bank, with conditions on branch closures and job cuts for three years.

Australia has approved ANZ Group's $3.3bn buyout of Suncorp Bank, clearing the deal to proceed after nearly two years of scrutiny by financial regulators and treasury. The acquisition will allow Suncorp to focus on its insurance business. The conditions imposed by Treasurer Jim Chalmers prohibit ANZ from closing Suncorp's regional bank branches and cutting jobs across Australia for three years.