Suncorp has won its appeal over the planned $4.9 billion sale of its bank to ANZ, with a decision in the two companies’ favour handed down by the Australian Competition Tribunal this morning.

The tribunal says an Australian Competition and Consumer Commission (ACCC) decision to block the deal should be set aside and in its place a determination made for the “unconditional merger authorisation for the proposed acquisition”.

The ACCC blocked the sale after raising concerns over impacts in the home loan, SME and agribusiness banking markets, while it was not convinced of the likely public interest benefits, including from Suncorp focusing on insurance.

But the tribunal has cleared the deal in all three banking market areas, and has backed the arguments of ANZ and Suncorp on the public interest considerations.

“The tribunal is satisfied that the forecast integration and production efficiencies from the proposed acquisition constitute real and tangible benefits to the public, represent a saving of real resources, and are likely to be sustained,” the decision released this morning said.

Suncorp announced the sale of the bank in July 2022 and highlighted the benefits of focusing solely on insurance.

“As a dedicated insurance business, we will be singularly focused on meeting the needs of our customers and communities at a time when the value of insurance has never been greater,” CEO Steve Johnston said at the time.

Completion of the acquisition remains subject to legislative amendments by the Queensland Parliament and approval by the Federal Treasurer.