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.
