Suncorp-Metway
From Wikipedia, the free encyclopedia
| 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 | ▲ $7.545 billion AUD (2007) |
| Operating income | ▲ $1.543 billion AUD (2007) |
| Profit | ▲ $1.064 billion AUD (2007) |
| Employees | 17,000+ |
| Subsidiaries | GIO General Ltd, L.J. Hooker, RACT Insurance, RACQ Insurance*, RAA Insurance* * Joint ventures |
| 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 second-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] 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.
As the parent company of the Promina Group Suncorp-Metway also owns the AAMI, Australian Pensioners Insurance Agency (APIA), Just Car Insurance, Shannons, InsureMyRide, 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 Zealand.
Suncorp currently has assets of over AU$73 billion,[2] over 8 million customers,[2] and over 17,000 staff.[3] Suncorp has 232 retail and business banking outlets, predominantly in Queensland, GIO has 34 agencies in NSW and Victoria and an additional 157 retail branches and services centres have been added since the Promina acquisition.[2] Suncorp is the largest[1] banking and insurance corporation headquartered in Brisbane.
In 2008 Suncorp transferred its $230 million credit card portfolio to Citibank. After a retail banking review in 2007 Suncorp determined its credit card portfolio was a non-core asset[1] and entered into talks to sell its 100,000 cards to Citibank. Citibank now handles the operational aspects of credit whilst the Suncorp brand remains on the cards and Suncorp continues to provide customer interaction.[1]
The company is owned by approximately 215,000 shareholders holding more than 924 million shares.[2] Suncorp's Chairman and Non-executive Director is John Story; its Chief Executive Officer and Managing Director is John Mulcahy. Its CFO, Chris Skilton, was voted Insto Magazine's CFO of the Year in eary 2008.
[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, Queensland Reds and Queensland Roar. Suncorp Stadiumis also the home of the Queensland State of Origin team.
