ANZ gets approval for acquisition of Suncorp bank

Thoughtful process: Chalmers attends a summit in Gandhinagar, India. The Australian Treasurer says he will carefully and methodically consider whether the proposed acquisition is in the national interest. — Reuters

SYDNEY: ANZ Group’s A$4.9bil (US$3.2bil) buyout of Suncorp’s banking business is cleared by the Australian Competition Tribunal (ACT), meaning the bank can press on with the takeover of its significant rival.

The ruling came in response to an appeal by ANZ and Suncorp of a decision by the Australian Competition and Consumer Commission (ACCC) that blocked the deal in August on the grounds it would worsen competition in Australia’s banking sector.