Suncorp bolsters business
Brisbane based Suncorp Metway group has moved to quarantine its bad debts, including many corporate, leasing finance and commercial property loans. The move is expected to make Suncorp's retail and agribusiness banking franchise more attractive to prospective buyers.
In February Suncorp warned first-half bad debts were likely to be $355 million, compared with $16 million for the first half a year ago. The chairman John Story insists that the banking business remains a core assets of the Suncorp Metway group.
The group has recently stepped up advertising in its home market of Queensland and raised more than seven billion dollars.
Source: Sydney Morning Herald