CANBERA (dpa-AFX) - The Australian Competition and Consumer Commission or
ACCC has rejected Australia and New Zealand Banking Group Ltd's (AN3PG.AX,
ANZ.AX) proposed A$4.9 billion acquisition of Suncorp's banking arm, citing
competition concerns.

'We are not satisfied that the acquisition is not likely to substantially lessen
competition in the supply of home loans nationally, small to medium enterprise
banking in Queensland, and agribusiness banking in Queensland,' ACCC Deputy
Chair Mick Keogh said in a statement on Friday.

In July 2022, Australia & New Zealand Banking Group agreed to buy Suncorp Bank
for A$4.9 billion in cash.

Both ANZ and Suncorp Bank offer retail and banking services in Australia. Though
the insurance business operated by Suncorp Group in Australia and New Zealand
aren't part of the acquisition.



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