ANZ proposed acquisition of Suncorp Bank

The Australian Competition and Consumer Commission (ACCC) has received an application from Australia and New Zealand Banking Group Limited (ANZ) for merger authorisation in relation to its proposal to acquire 100% of the issued shares of SBGH Limited (SBGH) (which owns 100% of the shares of Suncorp Bank) from Suncorp Group Limited (Suncorp Group) (the Proposed Acquisition).

ANZ and Suncorp Bank both offer retail and commercial banking products and services in Australia, including home loans, deposit products (including transaction and savings accounts), business loans, agribusiness products, credit cards, and risk management products.

Suncorp Group also owns and operates, via other entities, an insurance business in Australia and a separate insurance business in New Zealand. Those insurance businesses do not form part of the Proposed Acquisition and will continue to be operated by Suncorp Group.

The ACCC usually has 90 days from the date that the application was lodged to make its decision, although it can extend the timeframe if the applicants agree. In this case, the Applicant has agreed to an extension until 12 June 2023.

The ACCC is now seeking submissions about the Proposed Acquisition. Further details about the Proposed Acquisition can be found in the application below. Further details about how to make a submission can be found in the ACCC’s market inquiries letter, also below.

Due to the statutory timeframe, we are seeking submissions by 18 January 2023.

An indicative timetable for the ACCC’s assessment of this matter is set out below for your information.