ANZ replaces auditor KPMG after 57 years

• ANZ Group will end its 57-year auditing relationship with KPMG following a competitive tender process.
• The major Australian bank expects to transition to a new external audit firm starting in FY29.
• The board cited its ongoing transformation and Suncorp Bank integration as key strategic reasons for the timing.

ANZ Group (ASX:ANZ) will launch a competitive tender to replace KPMG as its external auditor after 57 years.

The board determined that continuing a 57-year audit relationship was no longer appropriate for the business.

"The board considered that this timing of the tender process to be appropriate given the significant transformation agenda underway and the planned integration of Suncorp Bank," ANZ said in a media release.

The competitive tender process will run through April 2027, with incumbent provider KPMG excluded from bidding.

Following the announcement, the ANZ Group share price was down at $37.21.

Shareholders will be asked to vote on approving the newly selected external auditor at the bank's 2028 annual general meeting.

The audit transition comes as the financial institution continues to integrate its $4.9 billion acquisition of Suncorp Bank.