Australia Regulator Blocks $3.2 Billion ANZ-Suncorp Bank Deal

Australia’s competition regulator on Friday blocked a A$4.9 billion ($3.2 billion) buyout planned by No.4 bank ANZ Group (ANZ.AX) of insurer Suncorp’s (SUN.AX) banking arm, setting the scene for a drawn-out legal challenge.

The Australian Competition and Consumer Commission (ACCC) said it was concerned a tie-up between the financial firms would worsen competition and “further entrench an oligopoly market structure” where four lenders including ANZ have three quarters of the country’s A$2 trillion in home loans.

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