The Australian Competition and Consumer Commission announced it is not opposing the Commonwealth Bank’s proposed acquisition of the remaining 67% of Aussie Home Loans.
The Commonwealth Bank already owns 33% of the company’s shares.
ACCC chairman Rod Sims said in a statement it considered competitive restraint in the industry.
“In reaching its view, the ACCC took into account the competitive constraint arising from the presence of a number of alternative suppliers of home loan products and mortgage distribution services,” he says.
This story first appeared on LeadingCompany’s sister site, SmartCompany.
ABOUT THE AUTHOR
Myriam Robin is a reporter for SmartCompany and its sister site LeadingCompany. She has degrees in economics, international studies and journalism. She likes writing about businesses taking risks and doing new things.
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