ANZ's legal team contends that the Australian Competition and Consumer Commission is out of touch with reality and relies on speculative grounds to block the bank's $4.9 billion acquisition of Suncorp's (ASX:SUN) banking arm.
Ruth Higgins, representing ANZ, argued that the competition watchdog's decision needed more confidence and overlooked the positive impact of technological advancements and increased consumer awareness of banking competition.
In August, the regulator rejected the proposed deal, stating it was not convinced that the acquisition would avoid reducing competition in providing home loans to Australian customers.
The hearings will continue over the next two weeks, with a decision expected by Feb. 20, 2024.