ICCC to work with banks over acquisition

The Independent Consumer and Competition Commission (ICCC) has been in discussions with the Kina Bank on its proposed acquisition of ANZ Banking Group retail banking and commercial/SME banking business in the country.
Commissioner and chief executive Paulus Ain said: “The ICCC has met with both banks, who have given their undertaking to comply with the provisions of the Independent Consumer and Competition Commission Act 2002 (ICCC Act) and make the appropriate application for the ICCC to review and assess the potential harmful effects the proposed acquisition might have on competition.”
Ain said the commission understood that the proposed acquisition was yet to be coampleted.
“We will work with the parties to ensure they comply with the ICCC Act. If they go ahead without an approval from the ICCC, the ICCC has the powers to investigate and take appropriate actions, if deemed necessary.”