Australia regulator stalls $3.2b ANZ-Suncorp bank deal

Australia regulator stalls $3.2b ANZ-Suncorp bank deal

Pedestrians walk past a woman as she looks at her iPhone in front of a sign announcing a new branch of the Australia and New Zealand Banking Group Ltd. Photo: Reuters

Australia’s competition regulator on Friday blocked a A$4.9 billion ($3.2 billion) buyout planned by No.4 bank ANZ Group of insurer Suncorp’s banking arm, setting the scene for a drawn-out legal challenge.