ANZ has welcomed the Australian Competition Tribunal’s (ACT) decision to authorise the proposed acquisition of Suncorp Bank.
In August 2023, ANZ and Suncorp Group applied to the ACT for a review of the Australian Competition and Consumer Commission’s (ACCC) earlier decision not to authorise the acquisition.
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ANZ Chief Executive Officer Shayne Elliott said: “This is a significant milestone and an important step forward in the process. However, we still have further conditions to meet. We remain committed to completing the acquisition as soon as possible once all sale conditions are met.
“Suncorp Bank is a high-quality business with a strong team and excellent customer base. We look forward to bringing them access to the best of ANZ, including our platforms and technology. We strongly believe that the acquisition presents significant opportunities for ANZ, Suncorp Bank and our customers, as well as major public benefits including for Queensland.”
Completion of the acquisition remains subject to legislative amendments by the Queensland Parliament and approval by the Federal Treasurer.
ANZ entered an agreement to purchase Suncorp Bank in July 2022. The proposed deal was valued at A$4.9bn ($3.3bn). The acquisition aims to accelerate the growth of ANZ’s retail and commercial businesses in the country’s fastest growing region. A combination of ANZ and Suncorp would result in ANZ overtaking Westpac in terms of market share and close the gap to National Australia Bank. ANZ said the deal would represent the equivalent of many years of organic system growth. It would add around 1.2 million customers, a 20% increase, as well as a 17% increase in home loans and a 20% rise in small business clients.
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