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ANZ welcomes ACT Suncorp acquisition decision

Mike Taylor20 February 2024
IFM Autodesk sale Payapps

ANZ has welcomed the decision by the Australian Competition Tribunal (ACT) to authorise the company’s acquisition of Suncorp Bank.

The (ACT) decision followed the bank’s application for a review of the Suncorp Bank acquisition after it was rejected by the Australian Competition and Consumer Commission in August last year.

Commenting on the ACT decision, ANZ chief executive, Shayne Elliott said it was a significant step forward but that the bank had further conditions to meet.

“We remain committed to completing the acquisition as soon as possible once all sale conditions are met,” he said.

“Suncorp Bank is a high quality business with a strong team and excellent customer base, and we look forward to bringing them access to the best of ANZ, including our platforms and technology,” Elliott said.

Mike Taylor

Mike Taylor

Managing Editor/Publisher, Financial Newswire

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Canberra is Off Their Heads
1 month ago

No doubt this will help Competition in the Banking Sector : – /
Canberra yet again says they want to increase Competition.
Then the same Canberra approves less Competition.

This is not in the best interest of the consumer!
1 month ago

OMG how is this designed to help consumers to have choice? It seems to be contrary to the definition of the word competition.