The Australian Competition Tribunal has found the acquisition of Suncorp Bank by ANZ Group Holdings Ltd meets the criteria of the Competition and Consumer Act 2010.
This overturns the August 2023 decision by the Australian Competition & Consumer Commission.
ANZ now requires further approval under the Financial Sector (Shareholdings) Act 1998 (FSSA) to proceed with the acquisition.
As is the case with Tribunal decisions like these, applicants and other interested parties can now seek a review by applying to the Federal Court.
Once I receive ANZ’s FSSA application and Treasury advice, I will carefully and methodically consider whether the proposed acquisition is in the national interest under the FSSA and then announce a decision in due course.