Chanticleer

Suncorp Bank better off being swallowed by ANZ

The ACCC’s most significant decision in the banking sector in 15 years – ANZ’s $4.9 billion takeover of Suncorp Bank – won’t be known till June. Chanticleer believes it should go ahead.

Jan 6, 2023 – 5.12pm

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A lot has changed in banking since the competition regulator let Westpac take over St George Bank in a $17.6 billion deal that opened the door for Gail Kelly to become the first female CEO of a big four bank.

Fifteen years later, the Australian Competition and Consumer Commission is faced with its first bank merger approval since giving Westpac the green light to buy St George and lift its market share in mortgages to 25 per cent from 16 per cent.

Tony Boyd is the former Chanticleer columnist. He has more than 35 years' experience as a finance journalist.