The Australian Competition Tribunal has overturned an Australian Competition & Consumer Commission (ACCC) decision in August 2023 to reject ANZ’s proposed A$4.9 billion ($3.2 billion) acquisition of Suncorp Bank from the Suncorp Group. Suncorp is Queensland's leading bank and the sixth largest bank in Australia, while ANZ is the fourth largest.
ANZ chief executive officer Shayne Elliott said in a February 20 media statement: “This is a significant milestone and an important step forward in the process, however we still have further conditions to meet. We remain committed to completing the acquisition as soon as possible once all sale conditions are met."
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