JPMorgan Chase Bank National Association - proposed acquisition of ANZ's custodian services business division

Acquirer(s)

  • JPMorgan Chase Bank National Association

Target(s)

  • ANZ's custodian services business division

Summary

JPMorgan proposed to acquire ANZ's custodian services business.

Market definition

The ACCC noted that JPMorgan and ANZ overlapped in relation to the supply of master, domestic (including sub-custody services) and global custodian services. Based on these areas of overlap, the ACCC considered the proposed acquisition in the context of separate markets for the supply of master, domestic (including sub-custody services) and global custodian services.

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 formed the view that the proposed acquisition was unlikely to result in a substantial lessening of competition in any of the relevant markets. Factors informing this conclusion included:
- the presence of a number of competing businesses in the relevant markets; and
- that the proposed acquisition would result in a small increase in the merged entity's market share in each of the relevant markets.

Timeline

DateEvent
20/11/2009ACCC commenced review under the Merger Review Process Guidelines.
02/12/2009Closing date for submissions from interested parties.
15/12/2009ACCC announced it would not oppose the proposed acquisition.