Suncorp-Metway
Suncorp-Metway () is an
Australian finance, insurance, and
banking corporation and Australia's sixth largest bank and fourth largest general insurance group. It was formed by the
merger of
Suncorp,
Metway and
QIDC on
1 December 1996. Both Suncorp and QIDC had been owned by the
Government of Queensland. Metway Bank was
Queensland's largest local bank.
The companies merged as the Government believed there needed to be greater focus in long term banking and competitiveness in Queensland and Australia.
When the companies first merged the name was decided to simply be Suncorp Metway. Some years later in 2002, Suncorp Metway changed its name to just Suncorp. Although in business aspects they are known as Suncorp, many people still call the company by its long name, "Suncorp Metway."
When they merged, Suncorp had assets of $10 billion. Metway had $7.1 billion in assets, and QIDC had $3 billion.
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 of GIO. GIO is mainly used as a
general insurance company representing Suncorp interstate, as their branches are few and far between in places like
Victoria and
Western Australia.
In 2002, Suncorp-Metway (made up of Suncorp, Metway and QIDC) covered nearly all areas in wealth and banking, including life insurance, general insurance, Compulsory Third Party (CTP), banking, finance, agricultural banking and business banking.
Today Suncorp is still strong, with assets of over $54 billion. There are 4.3 million customers and over 8,700 staff. Suncorp has 229 retail and business banking outlets, predominantly in Queensland, and GIO has 34 agencies in
NSW and
Victoria. The company is owned by approximately 178,000
shareholders holding some 553 million
shares.
*
Corporate website*
GIO website*
RACT website*
RACQ website*
RAA website
