In this article, we will look into the 20 biggest financial and banking companies in Australia in 2024. If you want to skip our detailed analysis, you can go directly to the 5 Biggest Financial and Banking Companies in Australia, 2024. Australian Economy and the Financial Sector According to the IMF, Australia boasts a GDP […]
SYDNEY (Reuters) -The Australian Competition Tribunal's green light for ANZ's proposed A$4.2 billion ($3.2 billion) buyout of Suncorp's banking assets on Tuesday does not mean similar deals will be waved through, the head of the anti-trust regulator told Reuters. The ruling delivered by the ACT in Sydney meant ANZ could proceed with the deal despite the Australian Competition and Consumer Commission (ACCC) rejecting the bid on competition grounds last year. ACCC chairperson Gina Cass-Gottlieb told Reuters in a telephone interview that despite losing the ANZ and Suncorp case, the regulator would in future apply "careful consideration on the parties contemplating an acquisition".
Australia's Competition Tribunal approved ANZ Group's A$4.9 billion ($3.2 billion) buyout of Suncorp's banking business on Tuesday, allowing the bank to press ahead the acquisition. The takeover still requires approval by Australian Treasurer Jim Chalmers and a sign-off from the government of Queensland, where Suncorp is based.