ACCC blocked ANZ’s proposed buyout on Friday
The ACCC’s summary was informed by statements from bank executives under oath, and outlines that the sale’s genesis came from Suncorp’s desire to become solely an insurer. Suncorp had sought to overcome a “conglomerate discount”, with the market valuing the organisation at less than the sum of its banking and insurance parts.
That advice contrasts with Suncorp chairwoman Christine McLoughlin at last year’s annual general meeting saying the board had as part of strategic planning tested “our organic plan against inorganic alternatives”. The ACCC’s blockage stunned some Suncorp staff, who had been preparing for a handover to ANZ. ANZ said on Friday it “continues its preparations” to integrate Suncorp Bank and this work is being conducted by a separate team at ANZ, so the two banks do not share sensitive information.
Omkar Joshi, chief investment officer at Opal Capital Management, said Suncorp would be able to continue as a regional bank but would face hurdles similar to its rivals: a lack of scale and higher funding costs compared to major lenders.
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