ANZ seeks review of ACCC Suncorp Bank decision

ANZ Group Holdings Limited
9/833 Collins Street Docklands Victoria 3008 Australia
ABN 16 659 510 791
News Release
For Release: 25 August 2023

ANZ seeks review of ACCC Suncorp Bank decision

ANZ today announced it has filed an application for Australian Competition Tribunal review
of the decision by the Australian Competition and Consumer Commission (ACCC) not to
grant authorisation for ANZ’s proposed acquisition of Suncorp Bank.
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ANZ Chief Executive Officer Shayne Elliott said: “We have today sought a review of the
ACCC’s decision by the independent Australian Competition Tribunal.

“Not only do we believe that ANZ’s acquisition of Suncorp Bank will create a combined bank
which is better equipped to respond to competitive pressures to the benefit of Australian
consumers, it will also deliver significant public benefits, particularly in Queensland.

“Queensland is thriving, with strong opportunities to further grow and prosper. We remain
excited about the opportunities for ANZ and our customers in Queensland, and the benefits
of bringing Suncorp Bank and its customers into the ANZ Group,” Mr Elliott said.

Under Australian competition law, the Australian Competition Tribunal is the review body for
merger authorisation decisions, and can vary or set aside the ACCC’s decision.

In addition to authorisation under Australia’s competition laws, the acquisition remains
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. Completion of the acquisition is expected to occur
in mid calendar year 2024.

For media enquiries contact: For analyst enquiries contact:

Lachlan McNaughton Jill Campbell
Head of Media Relations Group General Manager, Investor Relations
Tel: +61 457 494 414 Tel: +61 412 047 448

Cameron Davis
Executive Manager, Investor Relations
Tel: +61 421 613 819

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