Suncorp

A battle with the competition regulator over the proposed ANZ, Suncorp tie-up has begun, with the first clash involving a group of rival lenders that want their submissions to the ACCC kept under lock and key.

ANZ has lodged an application asking the Australian Competition Tribunal to reverse the competition regulator's rejection of its $4.9 billion tie-up with Queensland-based Suncorp.

The ACCC has rejected ANZ's $4.9 billion acquisition of Queensland-based Suncorp, setting up a likely challenge before the Australian Competition Tribunal.

The competition regulator has delayed its final decision on whether to approve ANZ's $4.9 billion acquisition of Queensland-based Suncorp, after expressing worries the tie-up could stifle the growth of smaller banks.

ANZ has rubbished arguments from a competitor and the ACCC that its merger with Suncorp’s banking arm will reduce competition and hurt consumers, saying the watchdog had been asked to believe a “distorted and selective view” of the proposal.

The competition regulator has cast doubt on the public interest argument for the proposed $4.9 billion ANZ, Suncorp tie-up, saying Tuesday the nature, likelihood and extent of the touted benefits had not been substantiated.

ANZ is optimistic its proposed $4.9 billion acquisition of insurer Suncorp's banking unit will be cleared by the competition regulator, and is counting on the public benefits of the merger to win approval.

A unit of Suncorp Group has reached an in-principle settlement in a class action over alleged conflicted remuneration on the first day of an expected 25-day trial.

The judge overseeing a conflicted remuneration class action against Suncorp has locked in a trial date for May next year over the protests of the applicants, saying it was "not a good look" for class actions to "hang" around.