Bendigo walks a fine line in ANZ-Suncorp merger appeal
As ANZ and Suncorp eye an appeal over their rejected banking deal a key question remains unanswered: What role will Bendigo and Adelaide Bank play in the process?
As ANZ Banking Group works to overturn the competition regulator's decision to block its $4.9 billion bid for insurance giant Suncorp's banking business, one key question remains unanswered. What role will Bendigo and Adelaide Bank play in the appeal process?
The ACCC’s rejection of the ANZ deal relies in part on a counterfactual scenario: that Bendigo could be a realistic buyer of Suncorp Bank if ANZ were not to acquire it.
At the first hearing last month in what promises to be lengthy and complex Competition Tribunal process, lawyers for ANZ and Suncorp wanted to understand the role Bendigo might play in the review.
Bendigo itself has remained silent on this issue after initially flagging its interest. A bank spokesman declined to comment for this article and the subject was not raised at Bendigo's recent annual results. There was also no mention of Suncorp in its annual reports or governance documents lodged with the ASX today ahead of its AGM in October 24.
