ANZ’s plans to buy Suncorp’s banking arm have been dealt a massive blow after an intervention from the competition watchdog.

ANZ had planned to take over Suncorp’s banking arm in an effort to claw back ground against its rivals following the pandemic, in a deal worth around $4.9 billion.

But on Friday morning the Australian Competition and Consumer Commission said the possible detriments of the takeover outweighed any benefits to consumers.

“We are not satisfied that the acquisition is not likely to substantially lessen competition in the supply of home loans nationally, small to medium enterprise banking in Queensland, and agribusiness banking in Queensland,” ACCC Deputy Chair Mick Keogh said.

More to come.

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By Rahul

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