ANZ has acknowledged the release of the Australian Competition and Consumer Commission’s (ACCC) Statement of Preliminary Views. This marks a step in considering ANZ's application for authorisation to acquire Suncorp Bank.
The agreement to acquire Suncorp Bank from Suncorp Group Limited was announced by ANZ on July 18, 2022. The acquisition aims to boost ANZ's retail and commercial sectors while enhancing its geographic business balance in Australia.
ANZ Chief Executive Officer Shayne Elliott stated, “We welcome the detailed work the ACCC is undertaking following ANZ’s application, and we will examine their preliminary views in detail and respond to the matters raised."
He further commented on the regulatory scrutiny anticipated with this transaction: “When we announced the acquisition, we acknowledged that there would be questions from Government and regulators about the competition aspects of this transaction, and we welcomed that scrutiny. We welcome the further community consultation that will now occur."
Elliott also expressed optimism about Queensland's growth prospects: “Queensland is thriving and faces the prospect of strong opportunities to further grow and prosper. We’re excited to invest in the opportunities ahead.”
ANZ's application argues that the acquisition is unlikely to significantly reduce competition, asserting that public benefits will outweigh any potential detriments. Besides ACCC authorisation, other conditions such as approval from the Federal Treasurer and Queensland legislative amendments are required.
Despite these pending conditions, ANZ is preparing for Suncorp Bank's integration into its operations, including developing a joint transition plan with Suncorp. The acquisition completion is expected in the latter half of 2023.
This information was approved for distribution by ANZ’s Continuous Disclosure Committee.