Suncorp Bank
|
Formerly called
|
Metropolitan Permanent Building Society (QLD) Metway Bank (1959-1996) |
|---|---|
| Subsidiary | |
| Industry | Banking |
| Founded | 1902 |
| Headquarters | Brisbane, Australia |
|
Area served
|
Australia |
|
Key people
|
David Carter, CEO |
| Products | Consumer Banking, Business Banking, Private Banking, Investment Management, Home Loans (Mortgages), Credit Cards, Personal loans, Car Loans, Bank accounts, Savings Accounts |
| Website | www.suncorpbank.com.au |
Suncorp Bank is a part of the Suncorp Group, with head offices in Brisbane, Australia. From its beginnings in 1902 as the Queensland Agricultural Bank, Suncorp Bank has grown into the fifth largestbank in Australia.
The information in this section relates specifically to Suncorp Bank. For information relating to the group as a whole, see the history of the Suncorp Group.
Suncorp Bank commenced business in 1916 as the State Accident Insurance Office. Not long after, it changed its name to State Government Insurance Office (SGIO) and extended its operations into life insurance, general insurance and Compulsory Third Party. Over the years, superannuation, building society, and finance operations were added.
QIDC commenced operations in 1986, but evolved from the Queensland Agricultural Bank established in 1902. Initially operating primarily as a rural financier, QIDC expanded its activities to include commercial lending to small and medium-sized businesses.
On 1 December 1996, the Queensland Government owned Suncorp and QIDC entities were merged into the publicly listed company Metway Bank to create the new allfinanz group Suncorp Metway. At the time of the merger, Suncorp and QIDC were 100% Queensland Government owned. Suncorp was operating as an allfinanz group with approximately $10 billion in assets, while QIDC had total assets of $3 billion. Metway Bank was Queensland's largest locally based bank with operations in New South Wales and Victoria. At the time of the merger, Metway Bank had approximately $7.1 billion in assets. It was established as the Metropolitan Permanent Building Society in 1959. In 1988, it converted to bank status and listed on the (ASX). The Queensland State Government proposed the merger of the three companies to create a more competitive financial institution better geared to meet the needs of the future. The merger also created Australia's fifth largest listed financial services group with the associated economic benefits of a major Australian corporate headquarters located in Queensland. The merger and amalgamation of the three companies was completed in 1999. In May 1999, the new brand, Suncorp Metway, launched. This enabled the delivery of the group's resources under one banner, the streamlining of the product range and elimination of duplication in the branch network.
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