Suncorp Group signs deal to sell its banking business

Suncorp Group Limited (ASX: SUN) has entered into a share sale and purchase contract with Australia and New Zealand Banking Group Limited (ASX: ANZ) to sell its banking business for A$4.9 billion. Moreover, the Company would receive a minimum fee of A$50 million over time for the use of the Suncorp Bank brand.

Suncorp’s insurance business will not be a part of this transaction. Further, the Group’s head office will be in QLD.

The banking business of the Suncorp Group will function under the Suncorp Bank brand pursuant to a licensing contract between ANZ and the Group for 5 years post completion.

The Transaction continues the reforming as well as simplification of the Suncorp Group. It will also place both the insurance and banking businesses for continuing growth and success. Thus, benefiting employees, customers and other stakeholders.

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