ANZ responds to ACCC's preliminary views on proposed Suncorp Bank acquisition

Banking & Financial Services
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Fiona Mackenzie Managing Director, Funds Management | Official Website

ANZ has acknowledged the Australian Competition and Consumer Commission's (ACCC) publication of its response to the ACCC’s Statement of Preliminary Views. This comes as part of the ongoing evaluation of ANZ's application for authorisation to acquire Suncorp Bank.

On July 18, 2022, ANZ announced its agreement to purchase Suncorp Bank from Suncorp Group Limited. The acquisition aims to boost ANZ’s retail and commercial operations while enhancing its geographic distribution in Australia.

ANZ Chief Executive Officer Shayne Elliott stated, “We have closely considered the ACCC’s Statement of Preliminary Views and provided the ACCC with our detailed response, including directly addressing the matters they raised."

Elliott further added, “We believe the evidence we have provided clearly demonstrates that the proposed acquisition will not substantially lessen competition and is in the public interest. Indeed, the banking sector is dynamic and competitive, and competition in the banking sector continues to increase."

“Queensland is thriving and we see strong opportunities for its future growth and prosperity. We’re excited to invest in the opportunities ahead,” he said.

The application seeks ACCC’s approval on grounds that it will not significantly reduce competition and that public benefits will outweigh any potential drawbacks.

In addition to needing ACCC authorisation, this acquisition requires approval from other entities such as the Federal Treasurer and Queensland legislative amendments.

While these conditions are pending resolution, ANZ continues preparations for integrating Suncorp Bank into its operations through a joint transition plan with Suncorp. The completion of this acquisition is anticipated in late 2023.