ANZ Bank's $4.9 billion acquisition of Suncorp's banking arm has been officially approved by Treasurer Jim Chalmers after almost two years of scrutiny.

The acquisition positions ANZ as the third largest bank in Australia.

The deal includes enforceable conditions: maintaining a regional presence, ensuring no net job losses for three years, and providing Bank@Post services through Australia Post.

Valued at $3.26 billion, the acquisition allows Suncorp to focus on its insurance business while ANZ aims to enhance its retail and commercial operations.

The integration process is underway, with ANZ CEO Shayne Elliott confident in the merger's benefits for customers and the company.

ANZ is also improving its hardship assistance programs to support borrowers facing financial difficulties amid economic challenges.