The ACCC has shifted its announcement regarding the ANZ-Suncorp merger until August 4th.
👉 Background: In July last year, ANZ announced the 'exciting' acquisition of Suncorp for $4.9 billion. But before the celebratory party could take place, the ACCC intervened to review the deal.
👉 What happened: The ACCC was expected to make a decision by the end of this week, but given the size and scale of this merger... and the last-minute submissions from the banks, the ACCC has shifted the announcement until August 4th.
👉 What else: Over the past 12 months, there's concern from smaller banks that the combined ANZ and Suncorp may hurt competition in the market.
💡Often, large mergers or acquisitions like this one need to demonstrate that the deal would actually deliver 'public benefit'.
💡To get this merger over the line, ANZ and Suncorp must persuade the ACCC that the Australian banking industry is highly competitive. But here are some of the facts: the big four banks control more than 75% of the mortgage market, and they have seen their first half profits jump by 19% compared to the first half of 2021.
💡It'll be interesting to see whether ANZ can get this deal over the line... or whether the smaller banks, like Bendigo Bank, get to stop this marriage at the altar.
Sign up for Flux and join 100,000 members of the Flux family
