Suncorp calls it off
Suncorp will not be selling its banking and wealth management operations in the near future.
Suncorp said it had “concluded discussions” with interested parties in light of the changed circumstances for the financial services sector following the Government’s banking guarantee announcements of the weekend.
Suncorp chairman John Story said the group had determined that the sales exploration process was now “unlikely to result in offers reflecting the operational or strategic value” of the businesses.
“We have taken the view that the market needs time to take account of the initiatives put in place by the Australian Government and other national governments to rebuild confidence in the global financial system,” Story said.
But the group is not closing the door to offers in the future, if the price is right. Story said the Suncorp board is willing to “re-engage” with parties whose proposals are “realistic and offer fair value” to shareholders.
Recommended for you
BT is to launch a new low-cost “Focus” investment menu for its Panorama platform this October, in partnership with Vanguard, seeking to compete with industry superannuation funds.
Net gains of financial advisers have already doubled since the start of FY25, according to this week’s Padua Wealth Data, with momentum gathering pace far faster than the previous financial year.
National advice firm MiQ Private Wealth has appointed a new chief executive to lead the business through a “transformative era” after penning a partnership deal with AZ NGA earlier this month.
WT Financial’s managing director, Keith Cullen, believes the firm’s Hubco model with Merchant Wealth Partners will be a “repeatable growth model” for the business as it scales its adviser numbers.
