News: ANZ Australia's ACCC Deny Authorisation For ANZ To Acquire Suncorp Bank

Aug 4 (Reuters) - Australia's ACCC:

• ACCC DENY AUTHORISATION FOR ANZ TO ACQUIRE SUNCORP BANK
• NOT SATISFIED THAT ACQUISITION IS NOT LIKELY TO SUBSTANTIALLY LESSEN COMPETITION IN SUPPLY OF HOME LOANS NATIONALLY, AMONG OTHERS
• CONSIDER THERE IS INCREASED LIKELIHOOD OF COORDINATION BETWEEN FOUR MAJOR BANKS IN SUPPLY OF HOME LOANS SHOULD SUNCORP BANK BECOME PART OF ANZ
• COMPETITION BEING LESSENED IN MARKETS WILL LEAD TO CUSTOMERS GETTING A WORSE DEAL
• NOT SATISFIED THERE WOULD NOT BE A LIKELY SUBSTANTIAL LESSENING OF COMPETITION IN SMALL TO MEDIUM-SIZED BUSINESS BANKING IN QUEENSLAND
• PROPOSED ACQUISITION OF SUNCORP BANK BY ANZ WOULD FURTHER ENTRENCH AN OLIGOPOLY MARKET STRUCTURE THAT IS CONCENTRATED