On 29 July 2026, the ACCC granted further interim authorisation to Australia and New Zealand Banking Group Limited (ANZ), Commonwealth Bank of Australia (CBA), National Australia Bank Limited and National Australia Investment Capital Pty Ltd (together, NAB) and Westpac Banking Corporation (Westpac) (together, the Applicants). The authorisation allows the Applicants to take further steps towards a proposed joint venture to deal with the supply of commercial cash in Australia. Interim authorisation is granted with a number of conditions.
The Applicants are seeking authorisation for the establishment of a single joint cash pool and bailment structure, via an incorporated operating entity (JVCo), for the supply of commercial cash in Australia. The application is related to a separate notification of acquisition filed with the ACCC. Under the proposal, each Applicant would acquire a 25% shareholding in JVCo and a 25% interest in the cash pool.
On 26 June 2026, the ACCC determined that these acquisitions may be put into effect. It granted interim authorisation to the Applicants to enter into and give effect to operational agreements to establish the proposed joint venture as an operational entity. The interim authorisation includes employment, audit services, insurance, banking servicing, and corporate services agreements. The June 2026 interim authorisation remains in place.
This further interim authorisation authorises the Applicants to agree and enter into, but not give effect to, various agreements. Interim authorisation commences immediately and may be reviewed at any time. It should not be taken to be indicative of whether or not final authorisation will be granted.
Further information, including a copy of the interim authorisation decision, is available on the ACCC's public register: Australia and New Zealand Banking Group Limited and Ors (Commercial Cash Distribution)
