Suncorp Group Ltd (ASX:SUN)

A$ 16.77 0.06 (0.36%) Market Cap: 21.34 Bil Enterprise Value: 44.60 Bil PE Ratio: 18.47 PB Ratio: 1.55 GF Score: 65/100

Suncorp Group Ltd to Sell Suncorp Bank to Australia and New Zealand Banking Group Ltd Call Transcript

Jul 17, 2022 / 11:00PM GMT

Transcript

Steve B. Johnston

Suncorp Group Limited - Group CEO, MD & Director

Good morning, and welcome, everyone, and I thank you all for joining us at short notice on this Monday morning. I'd start, as usual, by acknowledging the traditional owners of the lands on which we meet today and to pay respects for elders past, present and emerging.

So today, as no doubt you're aware, we are announcing the sale of Suncorp Bank to ANZ. Of course, this is a very significant event in the history of the Suncorp Group, and I can assure you that it's a decision that has not been taken lightly, and that's been informed by extensive analysis and consideration.

It's a decision we firmly believe is in the best interest of our people, of our customers, our shareholders and of course, the state of Queensland, and we also believe it's a decision that is in the national interest.

Importantly, the sale will result in a simplified Suncorp Group, focusing on growing its market-leading insurance businesses, both here in Australia and across in New Zealand. Also provide an opportunity to accelerate the

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