OPINION: The CEOS of Bendigo and Adelaide Bank and Judo Capital Holdings say the ANZ takeover of Suncorp Bank will be bad for competition. Their arguments deserve closer analysis.
Marnie Baker, CEO of Bendigo and Adelaide Bank, and Joseph Healy, the CEO of Judo Capital Holdings, have strong views about the ANZ, Suncorp deal.
“While the bank is focused on its organic growth strategy, it does from time to time also consider acquisitions where they create value for shareholders and customers,” she told Chanticleer.“Suncorp avoided engagement with us despite repeated approaches, instead announcing a transaction with a big four bank that further entrenches Australia’s banking oligopoly.
Suncorp twice refused to meet Baker and denied Bendigo an opportunity to do due diligence on Suncorp Bank’s books. This suggests the Suncorp board, led by Christine McLoughlin, wanted nothing to do with a transaction that involved Suncorp holding scrip in a regional bank.Also, it is unlikely that Bendigo would have paid 1.3 times book value for Suncorp Bank.
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