THE Australian Competition & Consumer Commission has denied ANZ the authorisation to takeover Suncorp’s banking arm, citing concerns about the concentration of agribusiness banking in parts of Queensland.
ANZ announced its $4.9b agreement with Suncorp in July last year, with plans to take over all its branches in Qld. The deal was then lodged with the ACCC in December last year.
ACCC Deputy Chair Mick Keogh announced today that the organisation was not going to approve the deal.
“We are not satisfied that the acquisition is not likely to substantially lessen competition in the supply…
