Response to ACCC’s Statement of Preliminary Views

ANZ Group Holdings Limited
9/833 Collins Street Docklands Victoria 3008 Australia
ABN 16 659 510 791
News Release
For Release: 6 June 2023

Publication of ANZ's response to the ACCC’s Statement of
Preliminary Views

ANZ today acknowledged that the Australian Competition and Consumer Commission
(ACCC) has published ANZ’s response to the ACCC’s Statement of Preliminary Views, as it
continues its consideration of ANZ’s application for authorisation of its proposed acquisition
of Suncorp Bank.

On 18 July 2022 ANZ announced an agreement to acquire Suncorp Bank
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from Suncorp
Group Limited, accelerating the growth of ANZ’s retail and commercial businesses while also
improving the geographic balance of its business in Australia.

ANZ Chief Executive Officer Shayne Elliott said: “We have closely considered the ACCC’s
Statement of Preliminary Views and provided the ACCC with our detailed response, including
directly addressing the matters they raised.

“We believe the evidence we have provided clearly demonstrates that the proposed
acquisition will not substantially lessen competition and is in the public interest. Indeed, the
banking sector is dynamic and competitive, and competition in the banking sector continues
to increase.

“Queensland is thriving and we see strong opportunities for its future growth and prosperity.
We’re excited to invest in the opportunities ahead,” Mr Elliott said.

ANZ’s application seeks the ACCC’s authorisation of the acquisition on the basis that it is not
likely to substantially lessen competition, and that the public benefits of the acquisition will
outweigh any public detriments.

In addition to ACCC authorisation, the acquisition is subject to additional conditions
including approval from the Federal Treasurer and Queensland legislative amendments.

While the acquisition remains subject to these conditions, ANZ continues its preparations for
the integration of Suncorp Bank into ANZ, including the execution of a joint transition plan
agreed with Suncorp. Completion of the acquisition remains expected to occur in the second
half of calendar year 2023.

For media enquiries contact:
Lachlan McNaughton
Head of Media Relations
Tel: +61 457 494 414

Amanda Schultz
Media and Public Relations Manager
Tel: +61 401 532 325

Approved for distribution by ANZ’s Continuous Disclosure Committee

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https://media.anz.com/posts/2022/07/anz-accelerates-australia-retail-and-commercial