A takeover bid for Suncorp’s bank from its fellow regional lender Bendigo & Adelaide Bank would have faced material execution risks with uncertain financial benefits for either party, says the tribunal that torpedoed the competition watchdog’s preferred outcome for the sale of the Queensland institution.

Suncorp will instead offload its banking arm to ANZ for $4.9 billion after the pair successfully overturned the Australian Competition and Consumer Commission’s rejection of the deal on appeal. It sparked differing reactions from investors, who sent ANZ’s share price falling while boosting Suncorp’s.