Aussie competition regulator delays decision on ANZ’s $3.3-B Suncorp Bank buy

Australia’s competition regulator on Monday said it has delayed its decision on ANZ Group Holdings’ proposed A$4.9 billion ($3.30 billion) acquisition of Suncorp Bank by a week to August 4, and has requested a further extension of one week.

The Australian Competition and Consumer Commission (ACCC) in a letter to ANZ on Thursday requested an extension till August 11, saying it needed more time to review reports and material longer than 50 pages.

“It is important that the ACCC has the opportunity to meaningfully consider the new information provided by ANZ and take it into account in its decision making,” the regulator said.

“As a consequence, the ACCC considers that an extension to the timeframe of two weeks is both necessary and appropriate, and we now seek confirmation from ANZ that it agrees to that extension.”

ANZ, the country’s fourth-largest bank, in its response on Friday consented to an extension till August 4.

ANZ did not immediately respond to Reuters’ request for comment.

This is the second time the regulator has sought an extension to its decision after the original deadline of mid-June was extended to late July.

($1 = 1.4865 Australian dollars)