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Suncorp posted a $1.25 billion cash profit this financial year, despite seeing the ACCC knockback ANZ s proposed buyout of the group s banking arm. ....
The lender’s third-party channel has increased its share of home lending in FY23. Suncorp Bank has reported an upswing in its home lending activities, driven by a increase in broker-originated loan ....
The competition watchdog has decided not to grant merger authorisation for ANZto to acquire Suncorp Bank over concerns over home loan competition and SME lending competition. The ACCC has denied au ....
(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. ....