SUNPH News: Australian regulator blocks ANZ bank’s takeover of Suncorp - 4th Aug 2023, 4:09pm

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Australia’s competition regulator has blocked the country’s biggest banking merger since the 2008 financial crisis after ruling that ANZ’s A$4.9bn ($3.2bn) takeover of smaller rival Suncorp would “further entrench an oligopoly” in the sector. The Australian Competition and Consumer Commission on Friday said the combination of the country’s fourth- and eighth-largest mortgage providers would reduce competition by strengthening the position of the so-called big four b...

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