Australia and New Zealand Banking Group Limited (ANZ) - proposed acquisition of ING Australia Ltd

Summary

Prior to the proposed acquisition, ANZ held a 49% interest in ING Australia Ltd, a joint venture between ANZ and ING Group created in 2002.

On 25 September 2009, ANZ announced that it had reached agreement to acquire ING Group's 51% interest, taking its ownership in ING Australia Ltd to 100%.

Market definition

The ACCC considered the proposed acquisition in the context of the following national markets:
- the supply of platforms to institutions, independent dealer groups and financial advisor businesses;
- the supply of investments through retail platforms to investors;
- financial planning and advisory services;
- superannuation;
- life insurance; and
- general insurance.
For the purposes of the competition analysis, the ACCC did not consider it necessary to form a definitive view regarding market definition.

Competition analysis

The ACCC considered that the proposed acquisition was unlikely to result in a substantial lessening of competition in the relevant markets. In each of the relevant markets, the proposed acquisition was unlikely to result in a reduction in the number of competitors and post-acquisition, ING Australia Ltd's market position would be unchanged.