At first glance, the Australian Competition and Consumer Commission’s decision on whether to approve ANZ’s $4.9 billion takeover of Suncorp’s banking division is a big-bank story.

A green light would give ANZ boss Shayne Elliott the chance to rebalance the group by boosting its exposure to Australian retail banking in general, and the Queensland market specifically. Opportunities to grow meaningfully through acquisitions are rare, and this could be the final big strategic move of Elliott’s time in charge.