ANZ launches Suncorp merger appeal
Key Points
- Why it matters: If allowed, the $4.9bn ANZ/Suncorp bank merger would be the biggest banking deal since the GFC.
- The ACCC last month blocked the merger due to competition concerns.
- But ANZ has now launched an appeal to the decision with the support of Suncorp.
ANZ said it expects its $4.9 billion acquisition of Suncorp’s banking arm to be completed by the middle of next year after it formally lodged an appeal to the consumer watchdog’s decision to block the deal on the basis that it would reduce lending competition.
In a statement on Friday, ANZ boss Shayne Elliott rejected that finding and said a merged bank would let it better respond to competitive pressures and deliver public benefits in Suncorp’s home state of Queensland.
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