The approval is being made on the condition that ANZ and Suncorp maintain their regional branch numbers throughout Australia for three years.
It is also a condition that there will be no net job losses as a result of the takeover for three years.
ANZ will be required to continue its “ongoing best efforts” to reach an agreement with Australia Post to offer Bank@Post services to its customers. It must also ensure proper engagement with employees and the Finance Sector Union.
Got to think this might be curtains for Rex - I’d expect the Feds (and maybe some states) will offer some kind of lifeline for the regional offerings (one hopes that they buy it and clean house)
I’d totally forgotten about this thread 
I’m embarrassed!
The sale includes Fonterra’s global consumer business, encompassing the operations of brands such as Mainland and Anchor butter, Kapiti ice cream and cheese and the Anlene powdered milk supplement.
Currently in Australia, Lactalis owns Pauls milk and makes Kraft cheese under licence.
ANZ has announced it will cut 3,500 jobs by September 2026 and slash its use of consultants and third parties, impacting around 1,000 contractors.
The bank said the changes were to “simplify the bank, strengthen its focus on its priorities and deliver for its customers”. It’s expected to cost $560 million before tax.
“ANZ is betraying 3,500 workers in one of the world’s most profitable banking sectors, cutting jobs simply to chase even bigger profits,” Finance Sector Union president Wendy Streets said.
"This is out of control — it’s not strategy, it’s unhinged.
“When the FSU asked ANZ who will actually do the work of the 3,500 sacked staff, the bank had no answer, except to say the work will simply stop. That’s not a plan, that’s chaos.”