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Australian Regulator Delays Suncorp Approval

 |  April 17, 2023

The Australian Competition and Consumer Commission has postponed its decision on the sale of Suncorp Bank to ANZ until July 28th. The delay was due to the regulator’s request for additional information from market actors. 

ANZ had agreed to the extension, and Suncorp expects the sale to be completed in the second half of 2023, subject to approval from the ACCC. 

Related: Australian Watchdog Questions ANZ $3.3B Suncorp Buyout

Suncorp will become a pure-play insurer, operating on both sides of the Tasman. The company is supportive of the ACCC’s thorough assessment process.