Updated

‘Maverick’ Macquarie paves way for ANZ’s Suncorp buy

Lucas Baird, James Eyers and Liam Walsh

Updated Feb 20, 2024 – 2.15pm, first published at 9.18am

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The emergence of mortgage “maverick” Macquarie has pushed ANZ’s long-argued takeover of Suncorp’s banking arm over the line after a tribunal brushed aside regulators determined to block the $4.9 billion mega-deal.

While the Australian Competition and Consumer Commission had rejected the efforts to merge last year, ANZ and Suncorp successfully appealed the ruling. The Australian Competition Tribunal ultimately found that the deal would not hurt competition in home, business or agribusiness lending.

Lucas Baird is a journalist based in The Australian Financial Review's Sydney office.

James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay

Liam Walsh writes on investigations and companies with The Australian Financial Review. He has won multiple media awards, worked in Japan and is now based in Brisbane.