The ACCC has concerns that ANZ’s proposed $4 billion takeover of business accounting software company MYOB will give the bank access to large swathes of data that could impede competition.

The sale will give ANZ access to accounting firms’ customer accounts, and information on who banks with whom, both of which could give it an advantage against its rivals, as well as allow direct marketing to poach customers.

While this is a competition concern, CLSA equities analyst Ed Henning says the deal is more of a concern for ANZ, as the banking sector tends to make big plays in the tech arena.

“We question whether an acquisition is the optimal way to pursue its strategy, given the risks involved,” Henning told The Australian.

“The banking sector as a whole is not great at technology, generally overspending on technology projects. We fear that this acquisition could represent just another avenue for increased costs, if mismanaged.

“While MYOB may have improved under private equity ownership, there is a question on the investment made and capex required going forward.

“We are about to head into an economic downturn; is this the right time to be buying an SME software business out of private equity’s hands?”