ANZ unveils 2030 strategy, accelerates Suncorp integration and ANZ Plus rollout

ANZ has announced its 2030 strategy, led by chief executive Nuno Matos, targeting improved financial performance and customer outcomes. A key initiative is the accelerated integration of Suncorp Bank, now expected to complete by June 2027, with annualised cost synergies updated to approximately A$500 million by FY2029, a substantial increase from the initial A$260 million estimate. This integration will involve moving Suncorp Bank onto ANZ's existing systems and channels.

The bank is also prioritising the acceleration of ANZ Plus digital front-end delivery to all 8 million Australian retail and small business customers by September 2027. This aims to simplify the Australia Retail and Commercial division, reducing duplication and improving customer experience. As part of simplification efforts, ANZ will reduce 3,500 roles and an additional 1,000 managed service contractors by September 2026, targeting gross cost savings of approximately A$800 million in FY26.

Financially, ANZ aims to increase Return on Tangible Equity (ROTE) from 10.3% (FY24) to 12% by FY28 and 13% by FY30, with a cost-to-income ratio in the mid-40s% by FY28. The bank will cease its remaining A$800 million share buy-back and apply a 1.5% discount on the next two Dividend Reinvestment Plans to strengthen its capital position.