Chalmers’ ANZ-Suncorp merger approval is ironic for bank competition
The whole drawn-out process could end up discouraging market dynamism by offering no way out to the smaller banks lacking the economies of scale to compete effectively.
As The Australian Financial Reviewpredicted, Jim Chalmers has made the rational decision not to block ANZ’s $4.9 billion acquisition of Suncorp’s banking business.
Approving the takeover of a small Queensland regional lender by a big four bank as in the national interest is the right call. But it is still politically awkward for the treasurer.
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