Australia blocks ANZ Group’s $4.31 billion Suncorp bank deal

SYDNEY – ANZ Group Holdings’ A$4.9 billion (S$4.31 billion) deal to buy Suncorp Group’s banking arm was blocked by the Australian regulator, which cited competition concerns.

The Australian Competition and Consumer Commission (ACCC) decided not to grant merger authorisation for the acquisition, the regulator said in a statement on Friday.

“We are not satisfied that the acquisition is not likely to substantially lessen competition in the supply of home loans nationally, small to medium enterprise banking in Queensland, and agribusiness banking in Queensland,” ACCC deputy chair Mick Keogh said in the statement.

The bank had agreed in July 2022 to buy the firm’s banking operations in a bid to gain an edge over rivals. Suncorp is based in Brisbane, Queensland.

Competition has remained fierce in Australia’s mortgage market as interest rates rose over the past year.

Source: The Strait Times