Australia and New Zealand Banking Group Limited (ANZ) sought merger authorisation in relation to its proposal to acquire 100% of the issued shares of SBGH Limited (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 business banking products and services in Australia including home loans, deposit products (including transaction accounts and savings accounts), business banking, agribusiness products, commercial 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.

On 4 April 2023, the ACCC released a Statement of Preliminary Views, available below under ‘Consultations’. This document provided a summary of issues raised during the market inquiries consultation process and outlined the ACCC’s preliminary views about the Proposed Acquisition and issues about which it sought further information.

On 22 and 23 May 2023, ANZ and Suncorp Group provided submissions in response to the ACCC’s Statement of Preliminary Views. ANZ and Suncorp Group made further submissions in June and July 2023 in response to independent expert reports prepared on behalf of the ACCC.

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. ANZ agreed to a further short extension to the timeframe for the ACCC to make a decision, until 4 August 2023, to enable the ACCC to consider ANZ's response to the Starks reports and the second submission of Bendigo & Adelaide Bank.

On 4 August 2023, the ACCC decided not to grant authorisation to ANZ for the Proposed Acquisition. 

The full reasons for the ACCC’s determination is available below under ‘Decisions’.

On 25 August 2023, each of ANZ and Suncorp notified the ACCC that they have applied for review of the ACCC’s decision by the Australian Competition Tribunal. 

On 20 February 2024, the Tribunal set aside the ACCC’s determination and granted  authorisation for ANZ’s application.  A summary of the Tribunal’s Reasons for Determination are available on the Tribunal’s website:


  • Name

    Australia and New Zealand Banking Group Limited


    11 005 357 522


    005 357 522


  • SBGH Limited

Authorisation number(s)

  • MA1000023-1



Document title Date
Expert report of Mozammel Ali (prepared for Suncorp Group)
Witness statement of Clive van Horen
Suncorp Group response to Mary Starks reports and Bendigo and Adelaide Bank submission of 30 June 2023
Craig Caulfield
Letter from ANZ re market structure and public benefits
Witness statement of Steven Johnston
Submission Suncorp Group re public benefits
Australian Prudential Regulation Authority
Witness statement of Shayne Elliot
ANZ submission dated 30 June
Bendigo and Adelaide Bank submission dated 30 June 2023
ANZ response to ACCC RFI dated 21 June 2023 (Part A)
ANZ response to ACCC RFI dated 21 June 2023 (Part B)
J. Graham Davis
Carolyn Thomson
ANZ record of oral submission
ANZ submission - Roadmap to evidence
Mortgage & Finance Association of Australia response to ACCC RFI dated 10 May 2023
An interested party
John Cowley
Peter Berlyn
Property Rights Australia
Archer Field o/b/o others #1
Archer Field o/b/o others #2
Judo Bank
Consumers Federation of Australia
Carolyn Thomson
Brian Durrand
Clyde and Gail Andrews
John Curnow
An Interested Party
John Standingford
Letter from Suncorp Group re submission from Bendigo and Adelaide Bank
Letter from ANZ re submission from Bendigo and Adelaide Bank
ANZ’s response to Bank of Queensland’s submission
ANZ response to ACCC RFI dated 3 March 2023
ANZ’s response to interested party submissions
Bendigo and Adelaide submission
Bendigo and Adelaide submission – Stephen King expert report
Bendigo and Adelaide submission - Cameron Stewart Witness statement
Bendigo and Adelaide submission – Attachment 3
Bendigo and Adelaide submission – Attachment 4
Bendigo and Adelaide submission – Attachment 13
Bendigo and Adelaide submission – Attachment 18
Bank of Queensland
Carolyn Thomson
Suncorp Group’s response to interested party submissions
Judo Bank
Niall Coburn o/b/o others
Robert Jacobucci
Henry Kummerfield
Jeff Forster
Peter Wheeldon
Goran Latinovich
Ronald Feierabend
Goran Latinovich
Jim Davidson
Ronald Feierabend
Carolyn Thomson
Roy Featherstone
Nicholas Shea
Sinclair Hill
Consumers’ Federation of Australia
John Curnow
Christopher Gellie
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