‘Not satisfied’: ACCC rejects ANZ’s Suncorp Bank acquisition

The dual-listed ANZ Bank has been told no by the Australian regulator to the Suncorp merger. (Image: ANZ)

Fri, 04 Aug 2023

Australia's competition watchdog has denied Australia & New Zealand Banking Group’s attempted merger with Queensland’s Suncorp Bank over decreased competition concerns.The dual-listed ANZ Bank released the statement from the Australian Competition and Consumer Commission (ACCC) on its denouncement of the merger authorisation to the market on Friday.ACCC deputy chair Mick Keogh said the commission wasn’t satisfied that the acquisition would “substantially lessen competition” when it came to small-to-medium e...

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