ANZ-Suncorp Merger Approved Despite ACCC Objections

The Australian Competition Tribunal has overruled the ACCC's decision to block the ANZ-Suncorp merger, highlighting the need for merger law reform.

The Australian Competition Tribunal approved ANZ's A$4.9 billion acquisition of Suncorp's banking business, overturning the ACCC's previous rejection.
ACCC Chairperson Gina Cass-Gottlieb emphasized the ruling underscores the urgency for reforming Australia's merger laws.
The tribunal found the merger would bring 'net public benefit' and not significantly lessen competition in key markets.
ANZ CEO Shayne Elliott and Suncorp Group Chair Christine McLoughlin welcomed the decision, citing benefits for customers and the Queensland community.
The ACCC is considering its options, including a potential judicial review, while legislative changes by the Queensland government and federal treasurer approval are pending.