ACCC denies authorisation for ANZ’s proposed Suncorp acquisition
The ACCC will not grant merger authorisation for ANZ to acquire Suncorp Group’s banking arm. It was not satisfied that the acquisition would not be likely to substantially lessen competition in the relevant market, observing that the proposed acquisition ‘would further entrench an oligopoly market structure that is concentrated, with the four major banks dominating.’
See ACCC media release.