Australian authorities on Tuesday allowed ANZ Group’s acquisition of Suncorp’s banking assets to proceed, reversing a ruling last year blocking the A$4.9bn (US$3.2bn) deal.
Suncorp chief executive Steve Johnston said the bank asset sale would allow the company to focus on insurance.
The takeover remains subject to approval by Australia’s federal government and authorities in the state of Queensland, where Suncorp is based.
The Australian Competition and Consumer Commission had said the takeover would further concentrate the banking sector. But on appeal by both companies, the Australian Competition Tribunal ruled there were sufficient “net public benefits” from the acquisition.
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