ACCC assesses ANZ’s proposed acquisition of Suncorp Bank

The ACCC has published its initial opinions regarding ANZ Banking Group's proposed acquisition of Suncorp Group's banking division. In the assessment, the regulator has concentrated on various areas, including retail deposits and home loans, agribusiness banking, and small and medium-sized enterprise banking. The ACCC is also considering the deal’s impact on competition within the banking sector more widely. The regulator is seeking further input on issues including lending rates, fees and charges, service levels, and innovation.

ACCC Deputy Chair Mick Keogh emphasized the importance of careful consideration in the event that a major bank seeks to acquire a potential rival. The regulator is set to announce its final decision on June 12, 2023. On December 2, 2022, ANZ submitted an application for merger authorization with the intention of acquiring Suncorp Bank.

Customer Notice:

Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.

Kapitales Research, Level 13, Suite 1A, 465 Victoria Ave, Chatswood, NSW 2067, Australia | 1800 005 780 | info@kapitales.com