Suncorp Group (Suncorp), the Australasian insurance giant, has welcomed the federal treasurer’s approval of the sale of Suncorp Bank to Australia and New Zealand Banking Group (ANZ). The approval paves the way for finalising the transaction.

However, in a speech sent to media organisations, the treasurer Jim Chalmers said there are "strict conditions".

Suncorp Group CEO Steve Johnston (pictured above), said his firm and ANZ are targeting a completion date of July 31.

“Following completion, Suncorp will focus on meeting the evolving needs of insurance customers and addressing increasingly complex challenges such as climate change and affordability,” said Johnston.

ANZ’s CEO, Shayne Elliott also welcomed the approval.

 “This is a significant milestone in our plans to expand our presence in Queensland and bring the best of ANZ to Suncorp Bank customers,” he said.

“Strict conditions”

The treasurer’s conditions include requiring ANZ to lend $15 billion to Queensland's renewable energy projects and billions more for small businesses and for thousands of home buyers in the state.

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