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The Australian Competition and Consumer Commission (ACCC) has rejected the merger application for ANZ Banking Group to acquire Suncorp Group’s banking arm.

The ACCC is concerned that the merger would reduce competition in the mortgage market and further entrench the quadropoly of the four major banks. Under the statutory test, the competition watchdog must be satisfied in all the circumstances that the proposed acquisition would not be likely to substantially lessen competition, or that the likely public benefits would outweigh the likely public detriments. It is reported the two banks will go to Tribunal to review the decision.

Read the media statement here.

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