It is now 10 weeks since Suncorp Group announced the sale of Suncorp Bank to ANZ.
And still, ANZ is yet to lodge its merger authorisation application with the ACCC.
“In terms of timing, it’s important to note that we are in the early stages of this transaction,” Christine McLoughlin, chair of Suncorp told the group’s annual meeting in Brisbane on Friday.
“The next step in this process will be a submission from ANZ to the ACCC. This submission will set out how the transaction delivers public benefit and why competition levels in the industry will remain robust.
“Given its significance, we anticipate the ACCC will give due consideration to the application, and will likely take some months from lodgement.
“At this stage, we expect the transaction to complete in the second half of the 2023 calendar year, noting this will depend on the timing of the necessary approvals.”