Treasurer approves ANZ takeover of Suncorp banking arm

ANZ’s hoped-for acquisition of the insurer Suncorp’s banking arm is back on track after the federal treasurer signed off on the deal.

“This was an on-balance call, consistent with advice I received from Treasury and regulators and following nearly two years of scrutiny and input from industry, the Finance Sector Union, the The Australian Competition and Consumer Commission had knocked back the deal after raising concerns it would further cement the market dominance of the big four banks.Our Australian afternoon update breaks down the key stories of the day, telling you what’s happening and why it mattersThe legally binding terms would ensure Australians continued to have access to vital banking services, “employees aren’t left behind, and Queensland and Australia benefit from the transaction”.

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