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.