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Syndicated lending is a well-established and critical way for
banks to share risk in financing larger or riskier projects.
However, syndicates also involve otherwise competing banks talking
to each other about the terms of the financing, sometimes with the
potential to reduce competition between them.
On the heels of a high profile criminal cartel case launched
against three major financial institutions and individuals last
year, the financial services sector has been identified as a key
focus area for the Australian Competition and Consumer Commission
(ACCC) in 2019. A Financial Services Unit has been
established to undertake regular inquiries into specific financial
competition issues.
