: If allowed, the $4.9bn ANZ/Suncorp bank merger would be the biggest banking deal since the GFC.But ANZ has now launched an appeal to the decision with the support of Suncorp.banking arm to be completed by the middle of next year after it formally lodged an appeal to the consumer watchdog’s decision to block the deal on the basis that it would reduce lending competition.
“Queensland is thriving, with strong opportunities to further grow and prosper. We remain excited about the opportunities for ANZ and our customers in Queensland, and the benefits of bringing Suncorp Bank and its customers into the ANZ Group,” Mr Elliott said. It comes exactly 21 days after the Australian Competition and Consumer Commission delivered its decision after several delays.
“This is instead of competing strongly on price, innovation and the quality of their service and products to win customers. Competition being lessened in these markets will lead to customers getting a worse deal.”