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ACCC Extends Review Period for ANZ-Suncorp Merger

 |  July 24, 2023

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