Suncorp-Metway
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Suncorp-Metway (ASX: SUN) is an Australian finance, insurance, and banking corporation and Australia's sixth largest bank and fourth largest general insurance group. It was formed by the merger of Suncorp, Metway and QIDC on 1 December 1996. Both Suncorp and QIDC had been owned by the Government of Queensland. Metway Bank was Queensland's largest local bank.
The companies merged as the Government believed there needed to be greater focus in long term banking and competitiveness in Queensland and Australia.
When the companies first merged the name was decided to simply be Suncorp Metway. Some years later in 2002, Suncorp Metway changed its name to just Suncorp. Although in business aspects they are known as Suncorp, many people still call the company by its long name, "Suncorp Metway."
When they merged, Suncorp had assets of $10 billion. Metway had $7.1 billion in assets, and QIDC had $3 billion.
Suncorp has shares in RACQ in Queensland, the RAA in South Australia, and the RACT Insurance in Tasmania (100%). They also are the parent of insurance company of GIO. GIO is mainly used as a general insurance company representing Suncorp interstate, as their branches are few and far between in places like Victoria and Western Australia.
In 2002, Suncorp-Metway (made up of Suncorp, Metway and QIDC) covered nearly all areas in wealth and banking, including life insurance, general insurance, commercial insurance, Compulsory Third Party (CTP), banking, finance, agricultural banking and business banking.
Today Suncorp is still strong, with assets of over $54 billion. There are 4.3 million customers and over 8,700 staff. Suncorp has 229 retail and business banking outlets, predominantly in Queensland, and GIO has 34 agencies in NSW and Victoria. The company is owned by approximately 178,000 shareholders holding some 553 million shares. Suncorp's current CEO is Mr John Mulcahy. Suncorp Stadium, located in Inner Brisbane, is the home of the Brisbane Broncos and Queensland Roar. British Pop star Robbie Williams is scheduled to play 2 Concerts at Suncorp Stadium later in the year.
Suncorp is widely acknowledged as one of the most successful banking / insurance hybrids headquartered in Brisbane, Queensland.
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