The competition watchdog is arguing to uphold its rejection of ANZ’s purchase of Suncorp’s bank. It warned major lenders were already acting in lock-step.
The high-stakes legal battle over whether the $4.9 billion transaction should proceed is half done. And so far, it is unclear who’s on top, writes James Eyers.
ANZ is hanging its hat on the Australian Competition Tribunal agreeing that Bank of Queensland, Judo Bank, Bendigo and Adelaide Bank and Rabobank will provide meaningful competition in business banking, should the Tribunal overrule the ACCC and clear the way for ANZ to buy Suncorp Bank.
ANZ’s barrister Ruth Higgins spent the day in the Australian Competition Tribunal setting out the bank’s argument that the ACCC’s reasons for blocking its acquisition of Suncorp Bank were based on “stale data” leading to “diffident non-satisfaction”.