Courtroom showdown looms for $4.9b ANZ acquisition of Suncorp Bank
Key Points
- Why it matters: The $4.9 billion ANZ/Suncorp banks is the largest banking transactions since the GFC.
- But the ACCC has rejected this deal, saying it could reduce competition.
- Suncorp wants to focus on insurance, which is getting harder to manage due to the climate crisis.
ANZ Bank has vowed to continue its fight to buy Suncorp Bank, after the competition regulator knocked back the $4.9 billion acquisition on fears it would “further entrench an oligopoly” and lead to reduced competition in home loans, and agribusiness and business banking in Queensland.
The Australian Competition and Consumer Commission on Friday rejected ANZ’s takeover, declaring second-tier banks provide “an important source of competitive pressure on the major banks” and that a bigger ANZ would be more likely to coordinate pricing with the other major lenders.
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