Don't bank on it
ANZ will finally know tomorrow whether it will be allowed to buy Suncorp's bank. Bendigo and Adelaide Bank will be among those watching closely.
Around 9:00am tomorrow all eyes in the banking industry and in competition law circles will be on the Australian Competition Tribunal (ACT) website for its verdict on ANZ’s appeal of its rejected $4.9 billion bid for insurer Suncorp’s bank.
That includes Bendigo & Adelaide Bank CEO Marnie Baker, who leads the Australian Competition and Consumer Commission's “counter-factual” bidder, theoretically a potential alternative acquirer of Suncorp Bank if ANZ is ruled out.
After announcing a Bendigo's interim result, which was soft on margins and punished by investors, Baker stressed the regional lender’s future rested on a more simple bank with more advanced digital offerings, particularly for home loans, and the proper integration of previous acquisitions.
That seems to be at odds with any move on Suncorp Bank. A Bendigo acquisition of the bank, even if it could be financed, would be one decent integration challenge.
