The Australian competition regulator has knocked back ANZ Bank’s $4.9 billion (US$3.23 billion) proposal to acquire the banking division of Brisbane-based Suncorp Bank, one of its second-tier competitors.
In announcing the decision on Aug. 4, the Australian Competition and Consumer Commission (ACCC) said the proposed acquisition is likely to significantly lessen the competition in an already concentrated home loan market as well as the banking sector for small to medium enterprises and agribusiness in Queensland.
