ANZ’s plans to buy Suncorp’s banking arm have been dealt a massive blow after an intervention from the competition watchdog. ANZ had planned to take over Suncorp’s banking arm in an effort to claw back ground against its rivals following the pandemic, in a deal worth around $4.9 billion. But on Friday morning the Australian Competition and Consumer Commission said the possible detriments of the takeover outweighed any benefits to consumers. ACCC Deputy Chair Mick Keogh said second-tier banks such as Suncorp were “important competitors” against the major banks. “We are not satisfied that the acquisition is not likely ... (full story)