The Australian Competition and Consumer Commission (ACCC) has announced that it will not oppose the proposed acquisition of Count Financial by the Commonwealth Bank of Australia (CBA).
"The ACCC is satisfied that there is unlikely to be a substantial lessening of competition in any relevant market as a result of this proposed acquisition," ACCC chairman Rod Sims said in a statement to the Australian Securities Exchange yesterday.
The ACCC conducted a comprehensive review, including extensive market inquiries with participants in the financial planning, mortgage broking, banking, superannuation and insurance sectors, and was satisfied that CBA would continue to be constrained by a number of other significant financial planning dealer groups, mortgage broking firms and investment product providers, Sims said.
With respect to the supply of life insurance and superannuation products, the ACCC also concluded that the acquisition would not raise significant competition concerns in either of these sectors.
