- The ACCC denies ANZ’s (ANZ) proposed acquisition of Suncorp Bank (SUN)
- Under Australian competition law, the ACCC decision can be reviewed by the independent Australian Competition Tribunal
- The acquisition is subject to additional conditions including approval from the Federal Treasurer and Queensland legislative amendments
- ANZ is up 1.11 per cent, trading at $25.54, while SUN slipped 0.57 per cent to $13.96 at 11:42 am AEST
The Australian Competition and Consumer Commission (ACCC) has denied ANZ’s (ANZ) proposed acquisition of Suncorp Bank (SUN).
Under Australian competition law, the ACCC decision can be reviewed by the independent Australian Competition Tribunal.
The acquisition remains subject to additional conditions including approval from the Federal Treasurer and Queensland legislative amendments.
While the acquisition remains subject to conditions, ANZ is still continuing preparations for the integration of Suncorp Bank into ANZ.
“We are naturally disappointed and disagree with the ACCC’s decision. We are closely reviewing the determination and will seek an independent decision through the avenues of review available to us,” ANZ CEO Shayne Elliott said.
“We believe the acquisition will improve competition, which will benefit Australian consumers, particularly in Queensland. All of the relevant markets are intensely competitive and will continue to be intensely competitive after the acquisition.
“Indeed, the acquisition will create a combined bank which is better equipped to respond to competitive pressures, and deliver significant public benefits, particularly in Queensland.”
The proposed acquisition was first lobbed by ANZ back on July 18, 2022.
ANZ was up 1.11 per cent, trading at $25.54, while SUN slipped 0.57 per cent to $13.96 at 11:42 am AEST.