Suncorp Metway (SUN)

Shares / Stock Code

SUN

Stock Exchange / Sharemarket

ax

Suncorp-Metway Limited (SUN) is an Australian-based financial services group engaged in the provision of banking, superannuation, insurance, retail services, funds management products and corporate and commercial sector services. SUN was listed on the Australian Stock Exchange on the 7th of July 1988. Its average annual revenue reaches approximately $7 billion out of its issued capital of approximately $2 billion. Its headquarters is located in Brisbane, Australia and to date; around 16,000 people are employed in the company. Suncorp-Metway Limited operates mainly in five business segments: business banking, retail banking, wealth management, general insurance and others.

The business banking segment of Suncorp-Metway Limited (SUN) is focused on the small to medium sized business requirements. This segment is divided further into five regions of operations: corporate banking (project and structured finance for corporate clients), commercial banking (term finance and working capital for business clients), agribusiness (financial services for rural producers and associated businesses), equipment finance (leases to business customers) and project finance for real estate developments).

Suncorp-Metway's retail banking segment is engaged in the provision of margin lending, personal and home loans, foreign currency, credit card services and transaction and savings accounts to approximately 811,000 customers through the company’s agencies, call centres, 474 ATM centres, internet banking and 173 office branches.

The wealth management segment of Suncorp-Metway covers managed, super and life investments through the segment’s two units: the asset management and Life Company both managed by the Suncorp Investment Management.

SUN’s general insurance segment is comprised of various personal insurance products such as contents and personal effects cover, home, motor and boat insurance and worker’s compensation.

The other segments of SUN include property management and treasury services.

Suncorp-Metway Limited (SUN) Company History

In 1996, the company was established when QIDC and Suncorp combined with Metway bank. The company became one of the largest in Australia in terms of financial services group as a result of the merging.

With the three company’s merging, Suncorp Metway was established in 1999, making the company’s resources and services as one. After two years, the group acquired the interests of AMP’s Australian general insurance, putting them in the general cover market position. In addition, the group got the Tasmania-based RACT Insurance in 2004 that expanded its operations out of Australia further.

In 2005, Standard and Poor’s Balanced – Dynamic Fund manager of the year was won by the Suncorp Investment Management. In addition, they won the Mortgage Industry Association’s Lender of the Year in 2006’s Australia Excellence Awards. Also, they became the very first company to prevail the annual Finance Best Regional and Australian Banking award, which is Australian Banking and Finance Magazine organized.

Suncorp-Metway also merged with a financial service provider, Promina, which is in New Zealand and Australia. An approval from the regulatory bodies of Australia was received by Suncorp to acquire the ordinary shares of Promina, through the merging of the two companies, 7.9 billion Australian dollars of shares was bought by the company.