ANZ Group Holdings Ltd.’s A$4.9 billion ($3.2 billion) deal to buy Suncorp Group Ltd.’s banking arm was blocked by the Australian regulator, citing competition concerns.
The Australian Competition & Consumer Commission decided not to grant merger authorization for the acquisition, the regulator said in a statement Friday.
“We are not satisfied that the acquisition is not likely to substantially lessen competition in the supply of home loans nationally, small to medium enterprise banking in Queensland, and agribusiness banking in Queensland,” ACCC Deputy Chair Mick Keogh said in the statement.
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