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Neither Suncorp nor Bendigo would benefit substantially if they were to merge, an Australian court hears

By Saloni Sinha ( December 7, 2023, 06:49 GMT | Insight) -- During the third day of hearings in the appeal of the decision by Australia’s antitrust regulator to block the Suncorp Bank bid by Australia New Zealand Banking Group, the lawyer acting for Suncorp Group said that the Bendigo Bank counterfactual was flawed. In today’s hearing at the Australian Competition Tribunal, lawyer Cameron Moore said that it's not one of those cases where two lower-rated banks would get “some sort of rating uplift” if they were to join forces.Neither Suncorp Group nor fellow regional lender Bendigo Bank would benefit substantially if they were to merge and the decision to reject an acquisition attempt by a major bank to preserve Suncorp Bank as an acquisition target for Bendigo and Adelaide Bank is problematic, an Australian court heard today....

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