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Australian competition regulator rejects $3.2 billion ANZ-Suncorp Bank deal

(Reuters) -Australia's competition regulator on Friday blocked a A$4.9 billion ($3.2 billion) buyout planned by No.4 bank ANZ Group of insurer Suncorp's banking arm, setting the scene for a drawn-out legal challenge. The Australian Competition and Consumer Commission (ACCC) said it was concerned a tie-up between the financial firms would worsen competition and "further entrench an oligopoly market structure" where four lenders including ANZ have three quarters of the country's A$2 trillion in home loans. "The proposed acquisition increases the likelihood that the major banks adopt a 'live and let live' approach to each other . instead of competing strongly on price, innovation and the quality of their service," ACCC Deputy Chair Mick Keogh said in a statement on Friday. ....

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iTWire - ACCC denies authorisation for ANZ to acquire Suncorp Bank

The competition watchdog, the Australian Competition and Consumer Commission, has decided not to grant merger authorisation for ANZ Banking Group (ASX. ....

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