Original article by Lucas Baird, James Eyers, Liam Walsh
The Australian Financial Review – Page: 17 : 6-Mar-24

The Australian Competition Tribunal has published its full reasons for approving the ANZ Bank’s $4.9bn deal to acquire the banking arm of Suncorp Group. It concluded amongst other things that it will not result in any substantive change in the structure of the market and is unlikely to lead to increased ‘coordination’ between the nation’s four major banks. The Australian Competition & Consumer Commission has advised that it will not appeal against the tribunal’s ruling. The federal government must also approve the deal on national interest grounds.

CORPORATES
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, SUNCORP BANK, SUNCORP GROUP LIMITED – ASX SUN, AUSTRALIA. COMPETITION TRIBUNAL, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION