ANZ (ASX:ANZ) has been allowed to purchase Suncorp’s predominantly Queensland-based bank for $4.9 billion after the Australian Competition Tribunal overturned the ACCC’s block on the deal due to competition concerns.
The decision, handed down on Tuesday morning by the Australian Competition Tribunal, marked a significant defeat for the ACCC and is expected to prompt a stricter review of competition laws by the Federal Government.
Final approval from the Queensland state government and Federal Treasurer Jim Chalmers is now necessary, although the state government has already reached an agreement with ANZ regarding job and branch retention.
ANZ CEO Shayne Elliott welcomed the decision in a statement to the ASX, considering it a crucial milestone and a step forward in the acquisition process, while acknowledging that further conditions must be met before completion.
“Suncorp Bank is a high-quality business with a strong team and an excellent customer base, and we look forward to providing them access to ANZ's best, including our platforms and technology.
"We firmly believe that the acquisition offers significant opportunities for ANZ, Suncorp Bank, and our customers, as well as substantial public benefits for Queensland.”
