Australia’s ANZ Group and Suncorp seek review of $3.2 billion deal block

(Reuters) -ANZ Group and Suncorp Group said on Friday that they have filed separate applications to seek a tribunal review after Australia’s competition regulator recently blocked ANZ’s $3.2 billion buyout of Suncorp’s banking arm.

Earlier this month, the Australian Competition and Consumer Commission (ACCC) raised concerns that the tie-up would worsen competition and “further entrench an oligopoly market structure” where four lenders, including ANZ have three quarters of the country’s A$2 trillion ($1.28 trillion) home loans.

Both companies reaffirmed their mid-2024 target to execute the deal after the application to the Australian Competition Tribunal, an independent body that reviews ACCC decisions.

ACCC acknowledged the companies’ move, but declined to comment further.