It seems the Australian Competition and Consumer Commission (ACCC) will be taking more time to consider the proposed merger between ANZ Group and Suncorp Group’s banking unit. On Monday, the ACCC announced that it would extend the review period for this very significant deal by one week.
An ANZ representative told the press that the agreement was reached back in July 2022: “We agreed to buy Suncorp’s bank for around 4.9 billion Australian dollars, which we believe will be an ideal catalyst for the growth of our retail and commercial businesses.”
Read more: US New Merger Rules Could Add Months To Process
This merger, however, does bring some concerns in terms of the competition within the Australian banking sector. Many from the industry fear that the merged companies could potentially use their combined resources to lessen competition. Representatives from ANZ and Suncorp Bank have both affirmed their commitment to providing customers with home loans, deposit products, and business banking services.
A Suncorp spokesperson was reported to have said: “The sale is in the best interests of its customers, shareholders, and employees and will deliver public benefits for Queensland and the broader Australian public.”
For now, the ACCC has asked a supplementary independent report on the potential deal and a second submission from Bendigo & Adelaide Bank to consider before making their official decision. The review period has been extended to the 4th of August, and only then will the ACCC make their official ruling. We shall all have to wait and see.
Source: Market Watch
Featured News
Google and South Carolina Clash Over State Records Demand
May 8, 2024 by
CPI
Telefonica Germany Teams Up with Amazon Web Services to Migrate 5G Customers
May 8, 2024 by
CPI
Federal Judge Grants $7.4 Million Settlement in Pork Price-Fixing Case
May 8, 2024 by
CPI
Wilson Sonsini Bolsters Antitrust and Competition Practice with Key Partner Returns
May 8, 2024 by
CPI
EU to Scrutinize Telecom Italia’s Network Sale to KKR
May 8, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI