ACCC decision on ANZ acquisition of Suncorp Bank

The Australian Competition & Consumer Commission has decided not to grant authorisation to ANZ Group Holdings Ltd to acquire Suncorp Bank.

The proposed acquisition has been found to not meet the criteria of the Competition and Consumer Act 2010.

The Government respects the independence of the ACCC and does not intend to comment further on the decision or the future of the proposal.

As is the case with ACCC decisions like this, applicants and interested parties have the option to seek a review by applying to the Australian Competition Tribunal or to the Federal Court. 

The Government would like to acknowledge the work of the ACCC in undertaking its assessment of this proposed transaction.