Suncorp to sale its Australian wealth business
Suncorp Group announced it has entered into an agreement for the sale of its Australian Wealth business, Suncorp Portfolio Services, to financial service company LGIAsuper.
Group CEO Steve Johnston said the sale agreement was a good outcome for Suncorp’s 137,000 superannuation members and would continue the simplification of the Suncorp Group portfolio. “When I was appointed CEO, I said I wanted to align everyone at Suncorp around improving the way we deliver for our insurance and banking customers. This approach is already delivering results, and the Wealth sale will allow the Bank team to focus exclusively on the priorities we outlined at the interim result in February.” – Suncorp Group CEO Steve Johnston.
“After extensive engagement with a number of potential acquirers, we believe that LGIAsuper is best placed to deliver sustainable member outcomes. The values and purpose of LGIAsuper, which is also headquartered in Queensland, align closely with those of Suncorp. This transaction will also enable the combined business to take advantage of size and scale benefits.” – CEO Suncorp Banking & Wealth Clive van Horen.