February 12, 2020 / 1:34 AM / 10 days ago

BRIEF-ACCC Raises Prelim Competition Concerns On Proposed Buy Of Connective Group By AFG

Feb 12 (Reuters) - ACCC:

* ACCC SAYS RAISED PRELIMINARY COMPETITION CONCERNS ABOUT PROPOSED ACQUISITION OF CONNECTIVE GROUP BY AUSTRALIAN FINANCE GROUP

* ACCC SAYS AFG & CONNECTIVE OPERATE IN ALREADY CONCENTRATED MARKET, & NOT MANY OTHER MORTGAGE AGGREGATORS OFFER SIMILAR LEVEL OR TYPE OF SERVICE

* ACCC SAYS CONCERNED THERE WILL BE LIMITED SIMILAR ALTERNATIVES FOR BROKERS TO SWITCH TO, WHICH MAY NEGATIVELY IMPACT SERVICES OFFERED TO BROKERS

* ACCC SAYS FINAL DECISION WILL BE ANNOUNCED ON 7 MAY 2020 Source text for Eikon: Further company coverage:

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