Suncorp-Metway
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| Suncorp-Metway Limited | |
 |
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| Type | Public (ASX:SUN) |
|---|---|
| Founded | 1996 merger of Suncorp, Metway Bank and the Queensland Industry Development Corporation |
| Headquarters |  Brisbane, Australia |
| Key people | John Mulcahy, CEO and Managing Director, and John Story, Chairman and Non-executive Director |
| Industry | Banking, general insurance and wealth management |
| Revenue |  $5.580 billion AUD (2006) |
| Net income | $916 million AUD (2006) |
| Employees | 8,800+ |
| Subsidiaries | GIO General Ltd, L.J. Hooker, RACT Insurance, RACQ Insurance*, RAA Insurance* * Joint ventures |
| Slogan | Everything under the sun |
| Website | www.suncorp.com.au |
Suncorp-Metway Limited (ASX: SUN) is an Australian finance, insurance, and banking corporation based in Brisbane, Queensland, Australia. It is Australia's sixth-largest bank and fourth-largest general insurance group[1], formed on 1 December 1996 by the merger of Suncorp, Metway Bank and the Queensland Industry Development Corporation (QIDC).
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[edit] History
[edit] Merger
Suncorp, Metway, and QIDC were merged by the Queensland Government, believing there needed to be greater focus in long term banking and competitiveness in Queensland and Australia.[1] Both Suncorp and QIDC were owned by the government; Metway Bank was Queensland's largest local bank, listed on the Australian Stock Exchange.
When they merged, Suncorp had assets of AU$10 billion. Metway had AU$7.1 billion in assets, and QIDC had AU$3 billion.
[edit] Name
The company was branded as 'Suncorp Metway' in May 1999 to reflect the merger, and to maintain goodwill and minimise the risk of losing Metway Bank customers fearing their bank had disappeared. On 1 July 2002 the company changed its name to just 'Suncorp'. Although in business aspects they are known as Suncorp, some people today still call the company "Suncorp Metway"; the registered name of the company is still Suncorp-Metway Limited.
[edit] Business interests
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 GIO General Ltd. GIO is mainly used as a general insurance company representing Suncorp interstate, as their branches are few and far between in New South Wales, Victoria, Tasmania and Western Australia.
In 2002, Suncorp-Metway 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.
Suncorp completed the aquisition of the Promina Group in March 2007. Promina owns the AAMI, Australian Pensioners Insurance Agency (APIA), Just Car Insurance, Shannons, Vero, Asteron and Tyndall insurance brands in Australia, and Vero, Asteron, Guardian Trust, Tyndall, Vero Marine, Vero Liability, AA Insurance, SIS, AXIOM, Mariner, Comprehensive Travel Insurance and Autosure brands in New New Zealand.
Today Suncorp is still strong, with assets of over AU$54 billion[1], 4.3 million customers[1] and over 8,800 staff.[2] Suncorp has 228 retail and business banking outlets, predominantly in Queensland, and GIO has 34 agencies in New South Wales and Victoria.[1] The company is owned by approximately 179,000 shareholders holding some 566 million shares.[1] Suncorp's Chairman and Non-executive Director is John Story; its Chief Executive Officer and Managing Director is John Mulcahy.
Suncorp is widely acknowledged as one of the most successful banking and insurance hybrids headquartered in Brisbane.
[edit] Suncorp Stadium
Suncorp holds the naming rights of Lang Park, now called Suncorp Stadium. It is a rectangular sporting stadium located in the Brisbane suburb of Milton, and is the home of the Brisbane Broncos and Queensland Roar. British pop star Robbie Williams played two concerts at the venue in 2006.
[edit] References
- ^ a b c d e f History of Suncorp. Retrieved on February 5, 2007.
- ^ John Mulcahy (2006-11-16). "Chief Executive Officer’s presentation to Morgan Stanley Asia Pacific Summit, Singapore" (PDF). Suncorp-Metway Limited. Retrieved on 2007-02-05.
