ANZ has announced it wants to buy Suncorp bank in a $4.9 billion deal. 

ANZ is now seeking to convince the federal treasurer, state government and the ACCC of the merits of the big buyout for Queensland and customers.

“Overall [ANZ buying Suncorp’s bank] will result in much stronger competition and growth for Queensland consumers,” ANZ chairman Paul O’Sullivan has told reporters.

ANZ has confirmed it will raise $3.5 billion to finance its $4.9 billion purchase of Suncorp’s bank. It has pledged to keep branches open for three years. The deal should deliver 1.2 million new customers.

ANZ also says it will pull out of discussions to buy accounting software group MYOB.