Australian Competition Tribunal authorises ANZ Bank’s $4.9 billion acquisition of Suncorp Bank

20 February 2024

In significant news for competition law practitioners, today the Australian Competition Tribunal (comprised of The Hon Justice Halley, Dr J Walker and Ms D Eilert) granted authorisation to ANZ Bank's proposed $4.9 billion acquisition of Suncorp Bank. The decision, following a 10 day hearing in December 2023, reverses the ACCC's earlier decision to decline authorisation for the transaction.

When pronouncing orders this morning, Justice Halley said that the Tribunal was satisfied that the acquisition was not likely to substantially lessen competition in the home loan market.

Reasons are currently embargoed but when released will offer further analysis and insight into the substantial lessening of competition test; the public benefits compared to detriments of the merger; and a counter factual scenario in which Suncorp would otherwise merge with Bendigo Bank.

Ruth Higgins SC, Anna Lord and Kate Lindeman appeared for ANZ Bank instructed by Justin Jones, Peter Armitage and Tihana Zuk of Ashurst

Cameron Moore SC, Peter Strickland and Tim Rogan appeared for Suncorp, instructed by Linda Evans and Stephanie Panayi of Herbert Smith Freehills.

Garry Rich SC, Robert Yezerski SC, Christopher Tran, Megan Caristo and Erin O'Connor Jardine appeared for the ACCC.

Link to media coverage

Link to ACCC Statement