The ACCC’s decision to block a $4.9 billion merger between ANZ and Suncorp has been set aside, with a tribunal finding the transaction will not substantially lessen competition in the home loans market or for agribusiness and SME clients in Queensland.
ANZ will appeal a ruling that it breached its continuous disclosure obligations when it failed to inform the ASX of a bailout by the underwriters of a 2015 institutional share placement.
ANZ is facing proceedings by a shareholder who wants the bank to turn over documents related to its risk management systems in response to concerns it is increasing loans to fossil fuel companies and failing to properly address climate change risks.
A judge has ordered ANZ to pay a $15 million agreed penalty in a case over more than $10 million in cash advance fees charged to the credit card accounts of hundreds of thousands of customers.
A battle with the competition regulator over the proposed ANZ, Suncorp tie-up has begun, with the first clash involving a group of rival lenders that want their submissions to the ACCC kept under lock and key.
ANZ has lodged an application asking the Australian Competition Tribunal to reverse the competition regulator’s rejection of its $4.9 billion tie-up with Queensland-based Suncorp.
The ACCC has rejected ANZ’s $4.9 billion acquisition of Queensland-based Suncorp, setting up a likely challenge before the Australian Competition Tribunal.
ANZ’s $47 million settlement of a class action over its consumer credit insurance has been given the nod by a judge, who has also approved recovery of the cost of after-the-event insurance held by the law firm running the case.
The competition regulator has delayed its final decision on whether to approve ANZ’s $4.9 billion acquisition of Queensland-based Suncorp, after expressing worries the tie-up could stifle the growth of smaller banks.
A $47 million settlement in a class action against ANZ — one of three settlements in a series of class actions against the big banks over ‘junk’ consumer credit insurance — was fair and reasonable, a judge has said.