ANZ and Suncorp have formally applied for a review of the Australian Competition and Consumer Commission (ACCC) decision to deny authorisation for the insurer’s proposed sale of its bank.

The ACCC earlier this month blocked the planned $4.9 billion sale of the bank to ANZ, raising a number of competition concerns.

“We have today sought a review of the ACCC’s decision by the independent Australian Competition Tribunal,” ANZ CEO Shayne Elliott said.

“Not only do we believe that ANZ’s acquisition of Suncorp Bank will create a combined bank which is better equipped to respond to competitive pressures to the benefit of the Australian consumers, it will also deliver significant public benefits, particularly to Queensland.”

Suncorp said that in support of ANZ’s application it had made its own application to the tribunal for a review and would participate in its own right throughout the process.

“Suncorp maintains the view that the sale of Suncorp Bank to ANZ is in the best interests of its customers, shareholders and employees and will deliver public benefits for Queensland and a net benefit to the Australian economy,” the company said in a statement.

The Australian Competition Tribunal is the review body for merger authorisation decisions and can vary or set aside an ACCC decision.

The acquisition also remains subject to additional conditions including approval from the Federal Treasurer and Queensland legislative amendments.