The watchdog has long bemoaned the market power of the big four banks, but proving that an ANZ takeover of Suncorp will substantially lessen competition may prove complex.
Gina Cass-Gottlieb will have a close look at ANZ’s takeover of Suncorp’s bank.The deal looms as the first major test for Cass-Gottlieb. But although the idea that the power of the big four should not be increased is almost a foundational philosophy for the watchdog, proving ANZ’s takeover will result in a substantial lessening of competition will be more complex.
Samuel’s successor, Rod Sims, regularly bemoaned the lack of competition in the banking sector and conducted While the big four’s share of home lending is 75.2 per cent, ANZ is the laggard of the bunch with a 13.1 per cent share. Suncorp is the smallest regional bank with a 2.3 per cent share, meaning the pair’s combined share of 15.4 per cent would be way behind CBA and Westpac .
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