ACCC delays approval for ANZ purchase of Suncorp bank

The corporate regulator has delayed its decision on ANZ’s purchase of Suncorp bank by a month as it scrutinises more information.

The ACCC has delayed its decision on ANZ’s purchase of Suncorp bank by a month. Picture: David Clark Photography

The corporate regulator has delayed its decision on the sale of Suncorp Bank to ANZ by a month, until July 28.

This sets back the clock on the Australian Competition and Consumer Commission’s call on ANZ’s $4.9bn purchase of the Queensland-based lender in the wake of moves by the regulator to seek further information from market actors.

The ACCC said it had requested the extension to its review, originally set to be delivered on June 12, from ANZ.

In a statement to the market on Monday, Suncorp said it expected the sale with ANZ would be completed in the second half of 2023, subject to approval from the ACCC.

This will leave Suncorp as a pure play insurer, with operations on both sides of the Tasman.

“Suncorp acknowledges the ACCC is required to undertake a thorough assessment of the submissions and will continue to support this process,” Suncorp said.

But Suncorp said it would be “submitting a comprehensive response” to the ACCC’s preliminary views statement from earlier in April and submissions from Bendigo and Adelaide Bank, which suggested the regional banks would be better placed to merge rather than ANZ’s purchase.

“Suncorp maintains the view that the sale of Suncorp Bank to ANZ is in the best interests of its customers, employees, shareholders, the state of Queensland and the nation, and will result in a stronger insurance and banking system in Australia,” Suncorp said.

“It remains Suncorp’s intention to return the majority of net proceeds in excess of the needs of the business to shareholders following completion.”

The ACCC warned in April it was “not convinced” ANZ’s purchase of Suncorp bank would not harm competition, announcing it would demand the two banks hand over more information.

Originally published as ACCC delays approval for ANZ purchase of Suncorp bank