Australia's ANZ and Suncorp seek review of US$3.2 billion deal block
ANZ Group and Suncorp Group said on Friday (Aug 25) that they have filed separate applications to seek a tribunal review after Australia’s competition regulator recently blocked ANZ’s US$3.2 billion buyout of Suncorp’s banking arm.
Earlier this month, the Australian Competition and Consumer Commission (ACCC) raised concerns that the tie-up would worsen competition and “further entrench an oligopoly market structure” where four lenders, including ANZ, have three-quarters of the country’s A$2 trillion (S$1.7 trillion) home loans.
Both companies reaffirmed their mid-2024 target to execute the deal after the application to the Australian Competition Tribunal, an independent body that reviews ACCC decisions.
ACCC acknowledged the companies’ move, but declined to comment further. Reuters
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
US Fed officials suggest interest rates should stay high for longer
Top HSBC shareholder Ping An exploring ways to cut US$13 billion stake
AIG to sell 20% stake in insurer Corebridge to Nippon Life
Activists disrupt Lloyds Bank shareholder meeting
Digitalisation of banking creates new risks, says global watchdog
Deutsche Bank under fire from investors over Postbank problems