FOLLOW US
Follow us!
We are a proud member of the Financial Services Online network!
Connect with us on your favourite social media platform for the latest financial news, views, tips, tricks, resources and information.
No Credit Check
No Credit Check :: News
Quick Links: | Personal Loans | Car Loans | Bike Loans | Boat Loans | Truck Loans | Home Loans | Business Loans | Debt Consolidation
Suncorp's Strategic Pivot: Into Insurer-Only Focus
Suncorp's Strategic Pivot: Into Insurer-Only Focus
Suncorp is preparing for a major strategic shift following the approval of its banking business sale to ANZ by Federal Treasurer Jim Chalmers.
This $4.9 billion deal marks Suncorp’s exit from banking and enables it to concentrate solely on its insurance pursuits.
Suncorp and ANZ target the end of July to finalize the transaction, which has been in progress since July 2022. Federal clearance, including the Treasurer's approval, competition clearance, and Queensland legislative tweaks, were essential to move this deal forward.
Today’s announcement by Dr. Chalmers comes after the Australian Competition Tribunal greenlit the acquisition in February, and following the passage of a vital legislative amendment in Queensland earlier in June.
Dr. Chalmers highlights the rigorous, lengthy process encompassing “careful consideration, much deliberation and consultation.” He noted that he accounted for concerns initially flagged by the Australian Competition and Consumer Commission, which had attempted to block the deal last August before Suncorp and ANZ appealed successfully to the Tribunal.
An important point, according to Dr. Chalmers, is the distinctive nature of the deal. “Suncorp is uniquely positioned as one of the few remaining combined bank and insurance companies in Australia,” he stated. “This transaction allows Suncorp to concentrate on the challenges inherent in the insurance sector, like accessibility and affordability at a critical time.”
Steve Johnston, Suncorp Group CEO, celebrated the Treasurer’s decision as a milestone towards Suncorp’s reimagined identity as a trans-Tasman insurer. “Post-completion, Suncorp will emphasize addressing emerging insurance needs and overcoming complex issues such as climate change and affordability," Mr. Johnston remarked.
Additionally, Johnston underscored the broader economic implications of the sale. “This decision moves us closer to fulfilling the jobs and investment package that Suncorp committed to with the Queensland government as part of this sale, benefiting Queensland, Australia, and New Zealand as a whole.”
With the restrictive conditions accompanying the approval, Suncorp agreed to forgo a $10 million annual brand licence fee that ANZ was set to pay for five years.
Dr. Chalmers emphasized that the deal is subject to strict conditions to serve the nation’s interest. There will be no changes to the number of Suncorp bank branches in Queensland for three years, and no net job losses as a result of the transaction across Australia at Suncorp and ANZ for the same period.
“The legally binding conditions ensure that Australians maintain access to essential banking services, employees are protected, and the socio-economic benefits are maximized across Queensland and Australia,” concluded Dr. Chalmers.
Published:Saturday, 29th Jun 2024
Source: Paige Estritori
Share this news item:
Finance News
| Inflation's Tug of War: Implications for Rate Hikes in August 29 Jun 2024: Paige Estritori With inflation persistently on the rise, Australian homeowners brace for potential interest rate hikes as early as August. New data from the Australian Bureau of Statistics indicates that inflation remained at a worrisome 4% annually by May 2024, causing increasing concern among economists and the general public alike. - read more |
| Suncorp's Strategic Pivot: Into Insurer-Only Focus 29 Jun 2024: Paige Estritori Suncorp is preparing for a major strategic shift following the approval of its banking business sale to ANZ by Federal Treasurer Jim Chalmers. This $4.9 billion deal marks Suncorp’s exit from banking and enables it to concentrate solely on its insurance pursuits. - read more |
| Australia Gears Up to Tackle Tough Inflation Terrain 28 Jun 2024: Paige Estritori The path to bringing Australian inflation to the desired level is proving to be a challenging feat, according to Treasurer Jim Chalmers. - read more |
| ASX Slides as Inflation Jitters Persist 28 Jun 2024: Paige Estritori The Australian stock market experienced a minor hiccup on Thursday, reflecting investor jitters following this week’s surprising consumer price index (CPI) report. - read more |
| Westpac Criticized for Inadequate Customer Support Post-Branch Closure 27 Jun 2024: Paige Estritori The Banking Code Compliance Committee (BCCC) has recently highlighted significant shortcomings in Westpac's handling of its regional branch closure in Tennant Creek, citing serious non-compliance with the 2019 Banking Code of Practice. - read more |
| Australia's Energy Costs Set to Surge: A New Look at AEMO's Roadmap 27 Jun 2024: Paige Estritori Australia is on the cusp of facing some of the world's highest energy prices as detailed in the latest roadmap from the Australian Energy Market Operator (AEMO). This plan, designed to facilitate the country's energy transition, reveals significant challenges and potential pitfalls ahead. - read more |
| ASIC Enforces Notification Rules for Advisers Using Experience Pathway 27 Jun 2024: Paige Estritori The Australian Securities and Investments Commission (ASIC) has reiterated the importance for Australian Financial Services Licensees (AFSLs) to comply with new notification requirements regarding the experience pathway for financial advisers. - read more |
| Government Reforms Spike Financial Advice Costs 27 Jun 2024: Paige Estritori As the government remains slow on regulatory reforms, the financial advice sector is bracing itself for yet another cost hike, contrary to the administration's promises of reducing expenses. According to the Financial Advice Association of Australia (FAAA), a combination of factors such as new regulatory cost recoveries, the end of Reduced Input Tax Credit (RITC) for super advice, and delayed legislative actions are to blame. - read more |
| Consumer Confidence Remains Low Amid Inflation Worries 26 Jun 2024: Paige Estritori Despite a modest uplift in June, Australian consumer confidence remains historically low as fears persist about inflation potentially driving the Reserve Bank to increase interest rates further. - read more |
| Rising Costs Challenge Australian Savings: New Survey Insights 25 Jun 2024: Paige Estritori The ongoing cost of living crisis is increasingly squeezing the wallets of Australians, with a fresh survey from Compare the Market offering new insights into just how precarious personal finances are for many. - read more |
Finance Articles
| Understanding Your Credit File: How to Seek Loans without Negative Impacts Understanding financial health is paramount when venturing into the realm of loan acquisition. It's the backbone that supports not just your immediate monetary requirements but ensures longevity in your fiscal stability. At the heart of this understanding lies a critical aspect: the credit score. It's a numerical representation of your financial trustworthiness, influenced by past fiscal decisions and behaviors. - read more
|
| Budgeting Basics to Keep Your Credit Score Healthy While Seeking a Loan Understanding the nuances of financial health is a crucial component in the journey of loan acquisition. It is the bedrock on which potential borrowers build their case for credibility and reliability. Among the myriad of factors influencing your fiscal stability, credit scores stand out as a beacon indicating your creditworthiness to lenders. A robust credit score simplifies the path to securing loans, garnering favorable interest rates, and negotiating better terms. - read more
|
| Loan Hunting with Confidence: How to Check Options Without Credit Damage Embarking on the journey to secure a loan can feel like navigating a minefield with your credit score as the prize. It's no secret that your credit score is your financial fingerprint, impacting not just your loan prospects but also the terms you're offered. However, the act of loan hunting itself, if not done carefully, can take a toll on this crucial number. - read more
|
| Savvy Spending: Innovative Budgeting Tips for Smooth Loan Repayments Managing personal finances judiciously becomes paramount when dealing with loans and their repayments. A potential obstacle many encounter is preserving or enhancing their credit score while simultaneously undertaking the necessary financial commitments of loan repayments. Understanding how to navigate this terrain is vital to financial health. - read more
|
| Understanding Soft Credit Checks: Safeguard Your Score During Loan Comparison When embarking on the journey to secure financing, particularly for significant purchases such as a car, your credit score takes center stage in the eyes of lenders. A credit score is a numerical representation of your creditworthiness, derived from your financial history and behaviors. It wields substantial influence on your ability to acquire loans with favorable terms. - read more
|
| Choosing the Right Loan for Your Personal Needs in Australia Choosing the right loan can be a pivotal decision in your personal financial journey. In Australia, where a diverse range of loan options is available, selecting the loan that aligns perfectly with your needs is more crucial than ever. A judicious choice can help you fulfill your dreams—be it buying a new home, investing in education, or consolidating debt—while ensuring that the repayments remain manageable and do not lead to financial strain. - read more
|
| How to Use Loan Comparison Tools Effectively - A Guide for the Credit-Conscious When it comes to securing a loan, the terms you agree to can have a lasting impact on your financial wellness. It's crucial to strike a balance between finding a loan that fits your needs and maintaining a healthy credit score. This delicate equilibrium is where loan comparison tools come into play, serving as navigational aids in the vast sea of credit options. - read more
|
| Understanding Your Credit Footprint: Borrowing Strategies to Keep Your Score Intact Understanding the mechanics behind credit scores is pivotal for anyone navigating the intricate world of finance. A strong credit score does not only unlock the gates to a plethora of borrowing options but also secures favorable interest rates, which can save you a substantial amount of money over time. It acts as a financial passport, one that enables you to achieve milestones such as purchasing a home or car with ease. - read more
|
| Default and Reposession Most people would assume that a default under a loan contract means that payments haven't been made but, as you are about to learn, there are other reasons why a lender may have the right to repossession. - read more
|
| Maximizing Your Money: Top Financial Tips for Young Adults Financial literacy is a critical skill for young adults, as it provides a strong foundation for achieving financial stability and independence. Unfortunately, personal finance education is not always a part of the high school curriculum, leaving many young people lacking the essential knowledge needed to manage their finances. Although some states have made progress by requiring personal finance or economics courses for high school graduation, there is still a significant gap in financial literacy among this age group. - read more
|
|
|
Understanding Your Credit Footprint: Borrowing Strategies to Keep Your Score Intact Understanding the mechanics behind credit scores is pivotal for anyone navigating the intricate world of finance. A strong credit score does not only unlock the gates to a plethora of borrowing options but also secures favorable interest rates, which can save you a substantial amount of money over time. It acts as a financial passport, one that enables you to achieve milestones such as purchasing a home or car with ease. - read more
|
|
|
Choosing the Right Loan for Your Personal Needs in Australia Choosing the right loan can be a pivotal decision in your personal financial journey. In Australia, where a diverse range of loan options is available, selecting the loan that aligns perfectly with your needs is more crucial than ever. A judicious choice can help you fulfill your dreams—be it buying a new home, investing in education, or consolidating debt—while ensuring that the repayments remain manageable and do not lead to financial strain. - read more
|
|
|
Understanding Your Credit File: How to Seek Loans without Negative Impacts Understanding financial health is paramount when venturing into the realm of loan acquisition. It's the backbone that supports not just your immediate monetary requirements but ensures longevity in your fiscal stability. At the heart of this understanding lies a critical aspect: the credit score. It's a numerical representation of your financial trustworthiness, influenced by past fiscal decisions and behaviors. - read more
|
|
|
Understanding Soft Credit Checks: Safeguard Your Score During Loan Comparison When embarking on the journey to secure financing, particularly for significant purchases such as a car, your credit score takes center stage in the eyes of lenders. A credit score is a numerical representation of your creditworthiness, derived from your financial history and behaviors. It wields substantial influence on your ability to acquire loans with favorable terms. - read more
|
|
|
Loan Hunting with Confidence: How to Check Options Without Credit Damage Embarking on the journey to secure a loan can feel like navigating a minefield with your credit score as the prize. It's no secret that your credit score is your financial fingerprint, impacting not just your loan prospects but also the terms you're offered. However, the act of loan hunting itself, if not done carefully, can take a toll on this crucial number. - read more
|
|
|
How to Use Loan Comparison Tools Effectively - A Guide for the Credit-Conscious When it comes to securing a loan, the terms you agree to can have a lasting impact on your financial wellness. It's crucial to strike a balance between finding a loan that fits your needs and maintaining a healthy credit score. This delicate equilibrium is where loan comparison tools come into play, serving as navigational aids in the vast sea of credit options. - read more
|
Need Help Finding a Loan?
Find out now if you qualify and compare rates, offers and options from multiple lenders - without a credit check!
Knowledgebase
Mortgage Document:
The physical contract agreement that a Mortgagee (lender) enters into with a Mortgagor (borrower) outlining the precice terms of a mortgage loan.
The physical contract agreement that a Mortgagee (lender) enters into with a Mortgagor (borrower) outlining the precice terms of a mortgage loan.
Quick Links: | Personal Loans | Car Loans | Bike Loans | Boat Loans | Truck Loans | Home Loans | Business Loans | Debt Consolidation