It looks like Suncorp Bank is up for sale according to a story in the Australian Financial Review.
David Berthon-Jones, of Aequitas Investment Partners, which has a shareholding in Suncorp, said several reasons existed for Suncorp to leave banking. “Banking is a scale game ... and Suncorp is just too small,” he said.
A review is underway for the sale which has been talked about for decades.
“Suncorp, from time to time, reviews its strategic alternatives in relation to all of its businesses and is currently doing so in respect of its banking operations,” a statement read.
The conglomerate, a 13,000-employee operation, was formed in 1996 by merging Queensland state-owned entities QIDC and Suncorp with the listed Metway Bank. Pressure has long existed on whether to keep both insurance and banking in the same company.
Suncorp is apparently in talks with Benigo and Adelaide Banks.