Suncorp keeps powder dry
Suncorp has signalled its intention to keep its powder dry with respect to approaches made by other financial services institutions to acquire its banking and wealth management operations.
Suncorp put an end to more than a week of industry speculation on Monday when it confirmed to the Australian Securities Exchange that it "has received several approaches by parties expressing interest in acquiring the banking and wealth management operations of the group".
However, he said shareholders were advised that these "preliminary approaches" may or may not lead to formal proposals being put to Suncorp.
Suncorp said it would keep the market informed of any material developments. The speculation surrounding the future of Suncorp and the possible sale of its wealth management operations follows confirmation of a reduced profit line, an internal restructure and the likelihood of job losses in some divisions.
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