ANZ Given Nod for Australia’s Biggest Banking Merger in a Decade

The decision by the Australian Competition Tribunal paves the way for the $4.9 billion takeover.

A man walks past an ANZ bank sign in Chinatown, Melbourne, on April 30, 2020. William West/AFP via Getty Images

The Australian Competition Tribunal has overturned, on appeal, an earlier decision preventing the “big four” bank, ANZ, from acquiring the banking business of Suncorp.

The decision paves the way for a $4.9 billion takeover, setting up Australia’s largest merger in the banking industry since the 2008 Global Financial Crisis.