The ACCC’s most significant decision in the banking sector in 15 years – ANZ’s $4.9 billion takeover of Suncorp Bank – won’t be known till June. Chanticleer believes it should go ahead.
are scrutinising this competition assessment because it may open the way for more consolidation of regional banks.David Rowe, which would lift ANZ’s national share of home loans to 15.4 per cent from 13.02 per cent.
Commonwealth Bank’s dominant 26 per cent share of home loan mortgages has been about that level since it was allowed to take over Bankwest in 2008. Meanwhile, National Australia Bank’s 15 per cent share of mortgages has been static for years. Today, the annual IT expenditure for Macquarie Bank is about $550 million, or about two thirds of the non-salary IT expenses for Macquarie Group of $926 million in 2022.Without a branch network, Ward had to make sure Macquarie’s systems could process mortgages quickly. This made the bank attractive to mortgage brokers who write as much as 65 per cent of all mortgages in Australia.
If Suncorp Group does not sell its bank it will have to increase its investment in IT systems. Presently, the bank operates on two separate technology platforms – Oracle and Hogan. Ideally, these would be rationalised. Being able to process mortgages quickly is only part of the reason Macquarie has been successful in boosting market share. It has increased its IT expenditure to improve the range of services offered on its banking app.The message for the ACCC from this aspect of Macquarie’s success is that competitive success in banking is increasingly about the ability of each bank to lift its IT expenditure.
But its share of business lending is only about 1.3 per cent including $2.6 billion of SME lending, $4.8 billion of commercial lending and $4.2 billion of agri lending.That is puny compared with ANZ’s total business lending book of $59 billion, including $39 billion in SME lending.It is possible the ACCC may force ANZ to carve out the SME lending portion of the Suncorp Book and sell it to a competitor. Specialist business lender Judo Bank would be an obvious buyer.
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