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Competition Regulator Says More Australian Bank Mergers Unlikely
The Australian Competition and Consumer Commission (ACCC), Australia’s competition regulator says that it is increasingly unlikely for more mergers to take place within the Australian banking industry, and that will not approve Caltex Australia’s proposed acquisition of Mobil Oil’s Australia service stations, even if a deal is proposed that excludes some sites.
Graeme Samuel ACCC chairman says the regulator was unlikely to approve any acquisition launched by a Big Four bank for a smaller regional lender such as Bank of Queensland, Bendigo and Adelaide Bank or Suncorp Metway.
“It would be a difficult ask to see any more of the regional banks moving into the fold of the major trading banks in light of the global financial crisis,” Mr. Samuel said in a television interview.
Asked to look retrospectively at Westpac’s merger with St George, Mr. Samuel suggested he might be reluctant to approve a deal had it occurred today.
“There’s even a question that if Westpac were to seek to acquire St George today, rather than prior to the global financial crisis, whether we’d have the same view as what we had back then. I don’t know the answer to that but I raise it as a question.” He said.
Currently the ACCC is examining Caltex Australia’s proposed $300 million takeover bid for 302 Mobil service stations across the country, and says it is unlikely to grant approval for the deal, even if the deal excludes 53 service stations Mr. Samuel said.
Last Wednesday the regulator failed to approve the deal saying an acquisition would probably result in higher petrol prices, identifying 53 Mobil service stations that it said an acquisition would result in substantial reduction in competition if they came under the ownership of Caltex.
“We’d still knock it back on the basis that the acquisition substantially increases Caltex’s ability to lead the pricing in the price cycle along with BP and Mobil at the present time as part of the coordinated behaviour process,” Mr. Samuel said.
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