Chanticleer
Chalmers turns ANZ’s Suncorp bid into once-in-a-generation deal
When you look at the commitments ANZ is making to buy Suncorp, you have to wonder: if it is competition we’re after, is it competition we’ve got?
Treasurer Jim Chalmers has turned ANZ’s deal to buy Suncorp Bank into a once-in-a-generation chance for a big four bank to snap up a regional rival.
ANZ, the smallest of the big four and half the size of Commonwealth Bank, had to fight tooth and nail to get approval to buy Suncorp, a deal that will add only about 2½ per cent market share in home loans and, really, will not change the face of banking.
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