Australia and New Zealand Banking Group Limited (ANZ) - proposed acquisition of ING Australia Ltd
Type of assessment
Informal Review
Reference
38976
Acquirer(s)
Australia and New Zealand Banking Group Limited (ANZ)
Target(s)
ING Australia Ltd
Industry
Private wealth management, insurance
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%.
Outcome of assessment
Not opposed
Total review days *
24
Commenced public review
25th September 2009
Date completed
29th October 2009
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.
Review timeline
Date
Event
25th September 2009
ACCC commenced review under the Merger Review Process Guidelines.
16th October 2009
Closing date for submissions from interested parties.
29th October 2009
ACCC announced it would not oppose the proposed acquisition.
* Total Review days = Total business days less public holidays and time during which the review was suspended.
