Sharechat Logo

Suncorp gets approaches on banking, wealth management units

Monday 6th October 2008

Text too small?
Suncorp-Metway, Australia's No. 3 general insurer, said it has received approaches from companies interested in buying its banking and wealth management units.

Brisbane-based Suncorp hired Lazard Carnegie Wylie and UBS to assess the proposals, it said in a statement today. Its shares rose 6.3% to A$11.35 and have declined 48% in the past 12 months.

The insurer's stock climbed about 11% on Thursday and Friday amid reports it had been approached by some of Australia's biggest banks. Suncorp may be more vulnerable to a takeover after posting a 50% drop in full-year profit on increased claims and the impact of the global credit squeeze.

The approaches were "preliminary" and may not lead to a formal offer, Suncorp said today.

By Jonathan Underhill



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

SML - Synlait Milk Limited - Trading Halt of Securities
AIA - Auckland Airport announces board chair changes
AIA - Auckland Airport announces board chair changes
CEN - Tauhara commissioning progress update
FPH initiates voluntary limited recall
March 28th Morning Report
KFL Celebrates 20 Years of Excellence in Investment Mgmt.
SVR - Savor FY24 Earnings Guidance & Change in Banking Partner
NZK - NZ King Salmon Investments Limited FY24 Results
March 27th Morning Report