Summary
Australia and New Zealand Banking Group Limited (ANZ) sought merger authorisation in relation to its proposal to acquire 100% of the issued shares of SBGH Limited (which owns 100% of the shares of Suncorp Bank) from Suncorp Group Limited (Suncorp Group) (the Proposed Acquisition).
ANZ and Suncorp Bank both offer retail and business banking products and services in Australia including home loans, deposit products (including transaction accounts and savings accounts), business banking, agribusiness products, commercial credit cards, and risk management products.
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.
On 4 April 2023, the ACCC released a Statement of Preliminary Views, available below under ‘Consultations’. This document provided a summary of issues raised during the market inquiries consultation process and outlined the ACCC’s preliminary views about the Proposed Acquisition and issues about which it sought further information.
On 22 and 23 May 2023, ANZ and Suncorp Group provided submissions in response to the ACCC’s Statement of Preliminary Views. ANZ and Suncorp Group made further submissions in June and July 2023 in response to independent expert reports prepared on behalf of the ACCC.
The ACCC usually has 90 days from the date that the application was lodged to make its decision, although it can extend the timeframe if the applicants agree. ANZ agreed to a further short extension to the timeframe for the ACCC to make a decision, until 4 August 2023, to enable the ACCC to consider ANZ's response to the Starks reports and the second submission of Bendigo & Adelaide Bank.
On 4 August 2023, the ACCC decided not to grant authorisation to ANZ for the Proposed Acquisition.
The full reasons for the ACCC’s determination is available below under ‘Decisions’.
On 25 August 2023, each of ANZ and Suncorp notified the ACCC that they have applied for review of the ACCC’s decision by the Australian Competition Tribunal.
On 20 February 2024, the Tribunal set aside the ACCC’s determination and granted authorisation for ANZ’s application. A summary of the Tribunal’s Reasons for Determination are available on the Tribunal’s website: https://www.competitiontribunal.gov.au/
Applicant(s)
-
Name
Australia and New Zealand Banking Group LimitedABN
11 005 357 522ACN
005 357 522
Target(s)
- SBGH Limited
Applications
Decisions
| Document title | Date | |
|---|---|---|
| Reasons for Determination | ||
| Summary of reasons for Determination | ||
| Determination |