Suncorp-Metway
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Suncorp-Metway Limited (Template:Asx) 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<ref name="HoS">Template:Cite web</ref>, formed on 1 December 1996 by the merger of Suncorp, Metway Bank and the Queensland Industry Development Corporation (QIDC).
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History
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.<ref name="HoS" /> 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.
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 official name of the entity is still Suncorp-Metway Limited.
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.
Today Suncorp is still strong, with assets of over AU$54 billion<ref name="HoS" />, 4.3 million customers<ref name="HoS" /> and over 8,800 staff.<ref>Template:Cite paper</ref> Suncorp has 228 retail and business banking outlets, predominantly in Queensland, and GIO has 34 agencies in New South Wales and Victoria.<ref name="HoS" /> The company is owned by approximately 179,000 shareholders holding some 566 million shares.<ref name="HoS" /> 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.
Promina Group takeover bid
Template:Current-section Suncorp launched a AU$7.9 billion takeover bid for the Promina Group on October 12 2006.<ref>Template:Cite news</ref> 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.
On December 20 2006 the Australian Competition and Consumer Commission (ACCC) approved of the merger of the two entities<ref>Template:Cite press release</ref>, despite reservations previously posited by a plethora of financial pundits who asserted the proposed merger would be vetoed by the ACCC on predicates that it would lead to a possible monopolization of the market by the nascent entity.<ref>Template:Cite news</ref>
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.
References
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