Australia's Competition Tribunal approved ANZ Group's A$4.9 billion ($3.2 billion) buyout of Suncorp's banking business on Tuesday, allowing the bank to press ahead the acquisition.

ANZ Group Holdings’ $3.2 billion acquisition of Suncorp Group’s banking unit has got a major boost with the Australian Competition Tribunal allowing the deal to proceed.

The logo of the ANZ Banking Group is displayed in the window of a branch in central Sydney, Australia, Aprl 30, 2016. REUTERS/David Gray/File Photo Purchase Licensing Rights, opens new tab.