Original article by Paulina Duran
The Australian – Page: 15 & 19 : 21-Feb-24

The ANZ Bank will overtake National Australia Bank as the nation’s third-biggest lender after receiving approval for its acquisition of Suncorp Bank. The Australian Competition Tribunal rejected the Australian Competition & Consumer Commission’s assertion that the $4.9bn deal would substantially lessen competition in sectors such as mortgage lending. The tribunal’s deputy president John Halleysays it was of the view that the small increase in ANZ’s market share arising from the merger would not significantly increase the likelihood of ‘co-ordination’ among the major banks in order to limit competition.

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

Original article by Glen Norris
The Australian – Page: 15 : 5-Dec-23

The ANZ Bank’s appeal against the blocking of its deal to buy Suncorp Bank continued before the Australian Competition Tribunal on Tuesday. Cameron Moore SC, who is representing Suncorp Group, contended that the $4.9bn deal would not undermine competition in the banking sector, as Suncorp Bank is a relatively small player that had until recently been losing market share in its home state of Queensland. He also argued that a merger between Suncorp Bank and Bendigo Bank would not make financial sense for shareholders of either company.

CORPORATES
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, SUNCORP GROUP LIMITED – ASX SUN, SUNCORP BANK, AUSTRALIA. COMPETITION TRIBUNAL, BENDIGO AND ADELAIDE BANK LIMITED – ASX BEN