Rival banks fear ANZ's Suncorp appeal could expose their confidential material
Several banks have expressed concerns that critical competitive material including board papers and commercial decisions will be available to rivals as a result of ANZ's Suncorp Bank appeal.
The Australian Competition Tribunal’s review of ANZ’s proposed takeover of Suncorp Bank has agitated rival banks who believe the process will expose their confidential information, including board papers and commercial decisions.
In making its decision to scupper the merger, the Australian Competition and Consumer Commission demanded substantial information from other banks and the banking regulator, information which was confidential and in part competitively sensitive.
But after the ACCC’s decision, ANZ and Suncorp appealed to the Competition Tribunal, and under that process agents for the banks gain access to the information the ACCC relied upon - including what was confidential – albeit under strict guidelines issued by the tribunal.
While only barristers and external solicitors for the banks and Bendigo & Adelaide Bank can see the confidential information under specific conditions, several banks have expressed concern to Capital Brief that critical competitive material will be available to rivals. Two banks, Westpac and Rabobank, expressed these concerns in writing with affidavits to the Competition Tribunal.
