The competition regulator has again delayed its decision on whether to give a $4.9 billion sale of Suncorp Bank to ANZ the go ahead, until August. 

The decision had been due on Friday from the Australian Competition & Consumer Commission (ACCC). 

The ACCC wrote to ANZ last week, requesting a new deadline of August 11. ANZ agreed to August 4.  

Suncorp said today it still expects the sale to complete by the end of this year, and "maintains the view that the sale is in the best interests of its customers, shareholders and employees”. 

ANZ lodged its application December 2. The regulator usually has 90 days to make its decision, but an extension until June 12 was agreed. That was extended to July 28 in April, and again today by a week. 

"Since the most recent extension was agreed, there has been further delay, which has affected the progress of the ACCC’s assessment of ANZ’s application,” the letter, dated July 20, said.    

It said ANZ had not provided a submission in response to a Supplementary Report by June 30 as the regulator had requested, instead submitting it late on July 18, and also that the material was “well in excess” of a requested 50-page limit. 

"The ACCC has concerns about the limited time (given) to review and evaluate the substantial new material provided by ANZ before the July 28 statutory deadline. It is important that the ACCC has the opportunity to meaningfully consider the new information,” the letter said.  

"As a consequence, the ACCC considers that an extension to the timeframe ... is both necessary and appropriate.” 

The deal was first announced a year ago, Suncorp saying the transaction would yield net proceeds of $4.1 billion. Group CEO Steve Johnston said as a dedicated insurance business, Suncorp would be "singularly focused on meeting the needs of our customers and communities at a time when the value of insurance has never been greater”. 

Suncorp Chairman Christine McLoughlin said the insurer’s "purpose of building futures and protecting what matters – the focus of our company for over 100 years – will remain at our core and enable our people to deliver on our vision to create the leading Trans-Tasman insurance company.” 

The ACCC has previously said it was "not clear” 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, and it flagged concern over likely impacts on home loans, SME and agribusiness banking.  

“The extent to which (benefits) might pass through to insurance customers is unclear,” it said.