SUNPG News: ANZ/Suncorp: mortgage expansion bet comes at market peak - 18th Jul 2022, 9:20pm

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Last month the Reserve Bank of Australia added to the country’s seasonal chill by raising interest rates by half a percentage point, the most in 22 years. The A$4.9bn ($3.3bn) in cash ANZ will pay for the business would value Suncorp’s banking unit at 14 times trailing earnings, in line with industry multiples for the region’s banking peers including Westpac. ANZ will raise funds for the deal by issuing new stock at A$18.90 each, a 13 per cent discount to Friday’s undisturbed...

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