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Bank divestment to allow Suncorp to concentrate on insurance: CEO

Posted On: Jan. 20, 2023 9:29 AM CST

P/C insurers

Steve Johnston, chief executive at Australian insurer Suncorp Group Ltd., said that the sale of the group/s banking unit will allow Suncorp to divert capital to the insurance business and to offer affordable services, with a focus on regions more vulnerable to natural catastrophes, Verdict reported citing The Sydney Morning Herald. The $3.97 billion deal with Australia and New Zealand Banking Group Ltd. is currently facing heightened regulatory and political scrutiny.