ANZ Banking Group’s plans to acquire Suncorp Bank for $4.9 billion are under scrutiny by the Australian Competition and Consumer Commission (ACCC) to examine the digital and innovation benefits of the proposed deal.
ANZ believes the acquisition would help it achieve the necessary scale to invest more efficiently in digital transformation and innovation, which would result in building a better bank for its customers and help ANZ compete in the digital age.
However, doubts have been raised about the extent of the digital and innovation benefits by the Consumers’ Federation of Australia (CFA).
The ACCC has also requested more information from ANZ about how a merged entity would make financial products available through physical or digital channels, given the continuing importance of physical distribution networks for certain customers. The ACCC has until June 12 to make a final decision on the proposal.