ANZ CEO Shayne Elliott says Australia’s banking sector is dynamic and competition continues to increase, and its $4.9 billion offer to buy Suncorp Bank should not be blocked by the regulator. 

The comments were made in a submission to the Australian Competition and Consumer Commission (ACCC), which in late July will make its decision on whether the sale can go ahead.

ANZ’s submission, published by the ACCC on its website, says the proposed acquisition will give rise to substantial public benefits that outweigh any detriment. 

“Suncorp Group will become a stronger insurer, benefiting customers, shareholders and the broader public,” it said. 

The ACCC’s preliminary view statement "takes in an unduly narrow approach and fails to properly assess the benefits,” ANZ said.

“It is incumbent upon the ACCC to properly take all of those benefits into account … in conducting its public benefits assessment,” it said, adding this “warrants the ACCC now being satisfied that there are substantial merger specific public benefits and no public detriments”.

ANZ says it is continuing preparations for integrating Suncorp Bank and executing a transition plan agreed with Suncorp, and that it still expects completion of the acquisition in the second half of 2023.

Suncorp has also made submissions that are yet to be published by the ACCC, a spokesperson for the insurer tells insuranceNEWS.com.au. 

“Queensland is thriving and we see strong opportunities for its future growth and prosperity. We’re excited to invest in the opportunities ahead,” Mr Elliott said. “The proposed acquisition will not substantially lessen competition and is in the public interest.”

If the sale is given the green light, ANZ says there will be substantial benefits for Queenslanders and the state economy and better access to funding. Other submissions from interested parties “make largely unsubstantiated assertions … providing little or no evidence to support them,” it says. 

“The proposed acquisition will result in substantial public benefits that will outweigh any public detriment,” it said. The submission says both ANZ and Suncorp Bank have modest market shares.

The competition watchdog has raised doubt over several aspects of the sale and questioned potential benefits argued by Suncorp and ANZ. Deal opponents include Bendigo and Adelaide Bank, which has itself flagged interest in the Suncorp banking business.

The ACCC has flagged concern over likely impacts on home loans, SME and agribusiness banking, and said it was "not clear whether the proposed acquisition would be likely to overall improve the performance of Suncorp Group’s insurance business compared to a future without the proposed acquisition”.

“The ACCC is also considering the weight that should be given to any such benefits, noting that the extent to which they might pass through to insurance customers is unclear,” it said.

See submissions, including ANZ’s, on the proposed deal here.