Suncorp Group CEO Steve Johnston said Suncorp’s detailed response to the ACCC supported the regulator’s thorough consideration process and also addressed the matters raised by Bendigo and Adelaide Bank in its submission to the ACCC.
“Our response outlines why we continue to believe there to be no real commercial likelihood of any alternative transaction such as a merger with any other mid-tier bank, and why the proposed transaction with ANZ is in the best interests of our customers, shareholders, employees and communities,” Mr Johnston said.
“Our response also details why we believe the proposed transaction with ANZ would not substantially lessen competition or have a detrimental impact on the competitive environment for customers.”
Mr Johnston acknowledged the constructive approach of the Queensland Government in working with both Suncorp and ANZ to ensure the proposed transaction, if approved, delivers public benefits for Queensland and the broader Australian public.
“Insurance businesses in Australia play an integral role in the Australian economy yet they face increasing challenges given hardening global reinsurance markets,” Mr Johnston said.