ACCC seeks views on ANZ’s acquisition of Suncorp Bank

MEDIA RELEASE
4 April 2023
ACCC seeks further views on ANZ’s proposed acquisition of Suncorp Bank
The ACCC has released a statement of preliminary views on ANZ Banking Group’s
(ASX:ANZ) proposed acquisition of Suncorp Group’s (ASX:SUN) banking arm.
The ACCC’s review so far has been focused on home loans and retail deposits,
agribusiness banking and small and medium sized enterprise banking, as these are the
areas where interested parties have raised the most issues. It is also considering how the
proposed acquisition would affect competition in the banking sector more generally.
“We have today set out our initial views for further consideration and are calling for further
submissions from industry and consumers on how the proposed acquisition may impact
competition,” ACCC Deputy Chair Mick Keogh said.
“We are seeking comment on issues including the extent to which it will impact lending rates,
deposit rates, fees and charges, consumer choice, service levels, and innovation.”
“Our home loan price inquiry reports of 2018 and 2020 showed competition between the
biggest four banks has been at best muted. Any acquisition of a potential rival by one of the
major banks must be closely considered,” Mr Keogh said.
“Our statement of preliminary views outlines the key competition issues we’ve identified to
date. Before we finalise our views, we welcome further submissions from stakeholders and
consumers alike on the issues raised. After we consider submissions from consumers and
interested parties, we will conclude our review and expect to announce our decision in mid-
June.”
“We are also eager to hear from stakeholders about whether they think the acquisition will
have any public benefits,” Mr Keogh said.
The ACCC can only grant authorisation if it is satisfied in all the circumstances that either
there is not a likely substantial lessening of competition, or that there are likely to be public
benefits that outweigh any public detriments.
The ACCC’s final decision is currently scheduled for 12 June 2023. Submissions can be
made to the ACCC until 18 April 2023.
Further information can be found on the ACCC’s public register: ANZ proposed acquisition of
Suncorp Bank
Notes to editors
ANZ has applied for merger authorisation to acquire Suncorp Bank. The merger
authorisation process is an alternative to the informal merger review process. The informal
merger review process is used for the vast majority of merger matters that come before the
ACCC.
In general, the ACCC has 90 days to make its decision on applications for merger
authorisation, although it can extend the timeframe if the applicant agrees. In this case, ANZ

has agreed to an extension, meaning the ACCC now has until 12 June 2023 to make its
decision.
More information on the merger authorisation process, including the applicable legal test the
ACCC must apply can be found here: Merger authorisation guidelines.
Background
ANZ and Suncorp Group are publicly listed financial institutions which offer retail and
business banking products and services in Australia.
On 2 December 2022, the ACCC received an application for merger authorisation from ANZ
in relation to its proposal to acquire Suncorp Bank.
The proposed acquisition involves ANZ acquiring the banking arm of Suncorp Group.
Suncorp Group also owns and operates, via other entities, an insurance business in
Australia and a separate insurance business in New Zealand. Those insurance businesses
do not form part of the proposed acquisition and will continue to be operated by Suncorp
Group.
In response to the application, the ACCC sought the views of a range of interested parties
including providers of banking and financial services, consumer organisations, and brokers
and aggregators.
Submissions are available on the ACCC’s public register, except if information has been
excluded for confidentiality reasons or raise legal issues.
In addition to the ACCC’s review, the proposed acquisition is subject to:
 Merger authorisation under the Competition and Consumer Act
 Federal Treasurer approval under the Financial Sector (Shareholdings) Act (if
satisfied the acquisition is in the national interest)
 Queensland Treasury making amendments to the State Financial Institutions and
Metway Merger Act (which currently requires Suncorp’s head office and key
personnel to be in Queensland).
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Email: media@accc.gov.au
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