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Suncorp Group

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as a bank. Metway, as the new bank was called, listed publicly and began acquiring a number of rival banks and building societies. Metway became the largest Queensland based bank by the mid 1990s. Metway's operations also extended into the other eastern states and the assets of the bank were more than $ 7 billion.
519:'s Special Situations Group, the proprietary investment unit of the investment bank, purchased some of Suncorp Group Ltd.'s loans for about US$ 863 million. In the summer of 2013 as European lenders were divesting their loans portfolios, in Australia, hedge funds and investment banks were buying them. In 2013, 511:
As of 2007, Suncorp had assets of over A$ 95 billion, over 9 million customers, and over 16,000 staff. Suncorp operated 232 retail and business banking outlets, predominantly in Queensland. GIO operated 34 agencies in NSW and Victoria. An additional 157 retail branches and services centres were added
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and banking, including life insurance, general insurance, commercial insurance, Compulsory Third Party (CTP), banking, finance, superannuation agricultural banking and business banking, the notable exception being health insurance. It is the largest banking and insurance corporation headquartered in
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Metway Bank started as the Metropolitan Permanent Building Society which was founded in 1959. In the late 1980s, Metropolitan joined the trend among Australia's building societies to expand into being full-scale banks. In 1988, Metropolitan abandoned its status as a building society to reincorporate
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In 1960, new legislation establishing the SGIO as a separate corporation was passed, and the group became subject to state regulatory oversight. In 1971, the SGIO took another step toward full-fledged corporate status, forming its own board of directors. At this time, the operations involving injury
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In response to sweeping changes in Australia's financial and insurance industries in the mid 1990s, and especially the increasing convergence of the banking and insurance sectors, the state owned QIDC and Suncorp were amalgamated with Metway Bank in 1996. The new company, Suncorp-Metway, became one
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During a retail banking review in 2007, Suncorp determined its credit card portfolio was a non-core asset and entered into talks to sell its 100,000 card/$ 230 million credit-card portfolio to Citibank. Citibank now handles the operational aspects of credit whilst the Suncorp brand remains on the
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After its integration phase, Suncorp-Metway began putting into place a new strategy. The company sought to launch itself on a truly national scale, replacing its allfinanz model with a new financial conglomerate strategy. The company wanted to expand, particularly in its more profitable insurance
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The Queensland government initially controlled 68 percent of the new company, but quickly made good on its promise to sell off most of its stake. In 1997, the company conducted a public offering that reduced the government's stake in Suncorp-Metway to 4 percent, with the last remaining government
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QIDC had its origins in Agbank which was a state government farming financier that was started in 1902. In 1986, new Queensland legislation was passed to incorporate and regulate the bank as the Queensland Industry Development Corporation. By the mid 1990s, QIDC had assets of approximately $ 3
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The next step toward the SGIO's move toward the private sector came in 1985. Under new legislation, the company dropped the SGIO name in favour of the name Suncorp and its employees lost their status as civil servants. At the same time, Suncorp became an independent corporation, although still
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shares sold one year later. In 1999, Suncorp-Metway completed the integration of the Metway, QIDC and Suncorp operations, and launched a single unified Suncorp-Metway brand. As part of this process, the company also trimmed its retail network, shutting down a number of redundant branches.
567:, Apia, Shannons, InsureMyRide, Vero, Terri Scheer, Bingle, CIL and Tyndall insurance brands in Australia, and Vero, Asteron, Guardian Trust, Tyndall, Vero Liability, AA Insurance, SIS, CMV/AXIOM and Autosure brands in New Zealand. These assets were acquired with the 451:
The company carried out another rebranding exercise in 2002, adopting the Suncorp name for all of its Queensland operations, and for non-insurance operations outside of the state. The company's insurance operations, excluding Queensland, took on the GIO name.
491:. By early 2007, the two companies had agreed the terms of a merger deal valued at AUD 7.9 billion ($ 5.9 billion), which represented one of the largest acquisition deals completed in Australia's financial sector since the beginning of the new century. 2299: 589:. The reason behind the re-branding is to give the company a view that Suncorp is a bank with an insurance arm, not an insurance company with a banking division. In July 2022, Suncorp Group agreed terms to sell Suncorp Bank to the 377:
Queensland established the State Accident Insurance Office in 1916, to provide mandatory injury compensation insurance to workers in the state's business sector. New legislation soon after created a larger insurance body, the
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until it spun off the business in Australia as a separate public company in 2003. The merger transformed Suncorp into a true giant in Australia, doubling its assets to nearly AUD 85 billion ($ 65 billion).
926: 382:(SGIO) which took over the State Accident Insurance Office. General insurance, third party and life products were added. SGIO later expanded into building society operations, superannuation, and finance. 455:
Suncorp continued to build up its insurance portfolio into the middle of the decade. The company acquired 50 percent of the Queensland-based RACQ Insurance, a joint venture originally formed between
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In 2020, Suncorp admitted to wage theft dating back to 2014. In June 2023, it was announced that remediation of the theft amounted a total $ 32 million in wages, misappropriated from 15,800 staff.
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compensation for workers were placed under a separate board. By 1976, as SGIO's insurance operations took on a more commercial orientation, the company closed down its building society operations.
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Suncorp Business Services appointed its new CEO, Matt Pancino, on 13 June 2014. Pancino formerly worked as the Chief Information Officer for the group. Suncorp was inducted into the
2346: 560:, which is mainly used as a general insurance company representing Suncorp outside Queensland, offering similar products to the Suncorp branded insurance product in Queensland. 390:
government controlled. By the mid 1990s, Suncorp was an allfinanz (i.e. with combined banking, financial, and insurance operations) group and had assets of nearly $ 10 billion.
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of the largest insurance and finance groups in Australia, ranking fifth in the national market. By 1998, the company's combined assets exceeded $ 22 billion.
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in 2001, but chose to divest them in 2010. Suncorp entered into a joint venture agreement with RACT Insurance in
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authority, enabling it to continue to receive default superannuation contribution from 1 Jan 2014.
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Suncorp Group digital story and oral history: Queensland Business Leaders Hall of Fame 2016
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This article is about the Australian financial company. For the Canadian oil company, see
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On 19 April 2009, Suncorp announced a re-branding of the banking arm of the company to
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of Suncorp, Metway Bank and the Queensland Industry Development Corporation (QIDC).
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in 2007. Tal Australia purchased Asteron Australia from Suncorp in December 2018.
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Suncorp then began preparations for a still larger takeover of insurance giant
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division. The company made its first acquisition in 2001 by taking over
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competition in Australia. The naming rights to buildings, including
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Courtroom showdown looms for $ 4.9b ANZ acquisition of Suncorp Bank
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Suncorp holds the naming rights of Lang Park, currently branded as
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Suncorp acquired insurance joint ventures with motoring clubs
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cards and Suncorp continues to provide customer interaction.
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Promina was formerly part of the UK-based insurance giant
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Companies listed on the Australian Securities Exchange
1883: 675: 372: 563:Suncorp trades under a number of brands, including 556:Suncorp is the parent company of insurance company 919:"Promina shareholders approve $ 8b Suncorp merger" 2362:Financial services companies established in 1996 2338: 2230:Australian Competition & Consumer Commission 2225:Australian Securities and Investments Commission 775:"Directors Report and Financial Statements 2015" 606:Australian Competition & Consumer Commission 1271:ANZ announces $ 5 billion Suncorp Bank takeover 1078: 1076: 1074: 1189:"Suncorp pays $ 32 million to underpaid staff" 1724: 1393: 1214:"BUSSQ, Qantas, Suncorp get MySuper approval" 1071: 1030: 1024: 1006:"Suncorp and Citibank Sign Credit Card Deal" 482: 1236:"Don't be fooled by the plethora of brands" 863: 861: 859: 857: 855: 853: 851: 656:. Suncorp is also the title sponsor of the 628:in 2007, but sold its 50% interest back to 403:Queensland Industry Development Corporation 2235:Australian Prudential Regulation Authority 1731: 1717: 1400: 1386: 1361: 998: 825: 823: 591:Australia & New Zealand Banking Group 478:The Suncorp Business Centre in Townsville 340:is an Australian finance, insurance, and 2357:Australian companies established in 1996 1738: 1133:Queensland Business Leaders Hall of Fame 972: 941: 848: 668:in Brisbane are also held by the group. 528:Queensland Business Leaders Hall of Fame 473: 423: 360:group, formed on 1 December 1996 by the 2146:Industrial and Commercial Bank of China 911: 2339: 1233: 820: 412:Merger as Suncorp-Metway: 1996 to 1999 1712: 1381: 543: 1144:from the original on 23 October 2018 1084:"Distressed-Debt Investors Eye Asia" 947: 435:Further conglomeration: 2000 to 2006 1234:Yeates, Clancy (16 February 2018). 548:Suncorp covers nearly all areas in 13: 1102: 14: 2393: 1348: 1031:John Mulcahy (16 November 2006). 960:from the original on 15 June 2014 929:from the original on 15 June 2014 611: 380:State Government Insurance Office 373:State Government Insurance Office 2377:Insurance companies of Australia 1414: 678: 635: 502: 247: 246: 227: 226: 207: 206: 187: 186: 34: 2352:Companies in the S&P ASX 50 1323: 1298: 1281: 1264: 1246: 1227: 1206: 1181: 1156: 1120: 574: 1533:Fisher & Paykel Healthcare 950:"Royal Sun floats off Promina" 886: 795: 767: 742: 721: 512:with the Promina acquisition. 393: 254:106 billion (2022) (2022) 1: 2321:Financial system in Australia 948:Cave, Andrew (1 April 2003). 714: 2259:Other Financial Institutions 16:Australian financial company 7: 2382:Companies based in Brisbane 2311:Category:Banks of Australia 2245:Australian Payments Network 2240:Australian Payments Council 1916:Bendigo & Adelaide Bank 1373:State Library of Queensland 1292:Australian Financial Review 1138:State Library of Queensland 671: 536:Suncorp has been granted a 10: 2398: 2326:List of banks in Australia 2300:Royal Commission 2017–2019 704:List of banks in Australia 578: 367: 269:12.783 billion (2022) 18: 2367:Banks established in 1996 2306: 2294: 2258: 2215: 2179: 2108: 2081: 1931: 1854: 1771: 1764: 1756:Reserve Bank of Australia 1746: 1443: 1436: 1240:The Sydney Morning Herald 984:The Sydney Morning Herald 923:The Sydney Morning Herald 729:"SUN.AX Income Statement" 648:, and is the home of the 521:distressed-debt investors 483:Promina acquisition: 2007 444:, which was then part of 319: 283: 273: 258: 238: 218: 198: 194:14.99 billion (2022) 182: 157: 141: 123: 108: 82: 52: 42: 33: 1941:Australian Military Bank 1310:www.insurancenews.com.au 1038:. Suncorp-Metway Limited 709:List of banks in Oceania 2068:Regional Australia Bank 1805:National Australia Bank 1648:Sydney Airport Holdings 1578:Northern Star Resources 1573:National Australia Bank 1338:www.suncorpgroup.com.au 1254:"TAL Buys Asteron Life" 1193:Business News Australia 1114:www.suncorpgroup.com.au 1088:The Wall Street Journal 234:631 Million (2022) 2011:Illawarra Credit Union 1168:leaders.slq.qld.gov.au 1059:Cite journal requires 750:"SUN.AX Balance Sheet" 496:Royal and Sun Alliance 479: 431: 2276:New Payments Platform 1966:Beyond Bank Australia 658:Suncorp Super Netball 604:. In August 2023 the 489:Promina Group Limited 477: 427: 344:corporation based in 338:Suncorp Group Limited 29:Suncorp Group Limited 2316:Economy of Australia 2073:Teachers Mutual Bank 1976:Community First Bank 1740:Banking in Australia 1558:Magellan Global Fund 1426:   → 869:"History of Suncorp" 694:Banking in Australia 164:Christine McLoughlin 2250:Four pillars policy 2026:Newcastle Permanent 1991:Great Southern Bank 1438:As of 28 April 2021 1413:←    544:Business interests 429:Logo used 1998–2016 279:~14,500 (2015) 275:Number of employees 30: 2372:Banks of Australia 2197:La Trobe Financial 1899:Bank of Queensland 1822:Citibank Australia 1603:Ramsay Health Care 1453:Aristocrat Leisure 1110:"ASX Announcement" 608:blocked the deal. 480: 432: 293:Suncorp Insurance 214:837 million (2022) 28: 2334: 2333: 2104: 2103: 2036:People First Bank 1834:Bank of Melbourne 1793:Commonwealth Bank 1773:Majors (Big Four) 1706: 1705: 1568:Mineral Resources 1508:Commonwealth Bank 1431: 1412: 1012:. 8 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London. 715:References 553:Brisbane. 350:Queensland 221:Net income 159:Key people 132:Queensland 2295:Inquiries 2121:Arab Bank 2091:Volt Bank 2063:RACQ Bank 2006:Hume Bank 1889:Judo Bank 1869:Alex Bank 1864:Airwallex 1638:Stockland 1608:Rio Tinto 1588:REA Group 1528:Fortescue 1488:BlueScope 1424:Australia 1315:16 August 990:6 October 530:in 2016. 408:billion. 354:Australia 309:Shannons 148:Australia 136:Australia 75:component 55:Traded as 2192:Latitude 2161:Rabobank 2116:ABN AMRO 1798:Bankwest 1498:Cochlear 1493:Brambles 1448:Afterpay 1275:ABC News 1258:riskinfo 1142:Archived 1094:8 August 958:Archived 927:Archived 672:See also 626:Tasmania 346:Brisbane 168:Chairman 128:Brisbane 83:Industry 2166:Revolut 2083:Defunct 2021:MyState 1961:BankVic 1904:ME Bank 1829:Westpac 1678:Westpac 1658:Telstra 1653:Tabcorp 1643:Suncorp 1633:South32 1538:Goodman 964:15 June 933:16 June 602:billion 538:MySuper 368:History 342:banking 320:Website 311:Bingle 183:Revenue 114: ( 109:Founded 91:Banking 66::  2286:Zeller 2271:Cuscal 2187:Aussie 1856:Retail 1839:BankSA 1815:86_400 1613:Santos 1598:ResMed 1563:Mirvac 1219:27 May 1198:9 June 903:27 May 646:Milton 600:  550:wealth 362:merger 47:Public 2156:Monzo 2096:Xinja 1810:UBank 1518:Dexus 1458:Amcor 1334:(PDF) 1036:(PDF) 778:(PDF) 759:9 May 734:9 May 303:Apia 2266:BPAY 1698:Xero 1623:Seek 1317:2021 1221:2024 1200:2023 1175:2017 1150:2018 1096:2013 1065:help 1044:2007 1018:2015 992:2008 966:2014 935:2014 905:2024 880:2015 842:2015 814:2015 789:2015 761:2023 736:2023 652:and 630:RACT 620:and 618:RACQ 593:for 565:AAMI 469:RACT 461:RACQ 459:and 327:.com 306:Vero 300:AAMI 150:and 116:1996 112:1996 2016:IMB 1884:BNK 1874:AMP 1781:ANZ 1543:IAG 1513:CSL 1483:BHP 1478:ASX 1473:APA 1468:ANZ 622:RAA 596:A$ 558:GIO 471:. 465:RAA 457:AMP 446:AMP 329:.au 296:GIO 267:A$ 252:A$ 232:A$ 212:A$ 192:A$ 176:CEO 68:SUN 64:ASX 2343:: 1921:Up 1371:, 1336:. 1308:. 1256:. 1238:. 1191:. 1166:. 1140:. 1136:. 1130:. 1112:. 1086:. 1073:^ 1056:: 1054:}} 1050:{{ 1008:. 982:. 952:. 921:. 896:. 871:. 850:^ 833:. 822:^ 805:. 780:. 752:. 352:, 348:, 134:, 130:, 1732:e 1725:t 1718:v 1401:e 1394:t 1387:v 1319:. 1242:. 1223:. 1202:. 1177:. 1152:. 1098:. 1067:) 1063:( 1046:. 1020:. 994:. 968:. 937:. 907:. 882:. 844:. 816:. 791:. 763:. 738:. 598:5 178:) 174:( 170:) 166:( 118:) 23:.

Index

Suncor Energy

Public
Traded as
ASX
SUN
S&P/ASX 200
General insurance
Banking
Life insurance
Superannuation
Wealth management
Brisbane
Queensland
Australia
Australia
New Zealand
Christine McLoughlin
Chairman
CEO
A$
Operating income
A$
Net income
A$
Total assets
A$
Total equity
A$
Subsidiaries

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