Suncorp to focus on growing insurance business

Suncorp Group is planning to sell its banking business to ANZ , one of Australia’s “Big Four” banks, for A$4.9 billion ($3.3 billion). Excluded from the deal – Suncorp’s insurance operations in Australia and New Zealand.

The banking business will continue to operate under the Suncorp Bank brand pursuant to a licensing agreement between ANZ and the Suncorp for a period of 5 years post completion. The fee for this is a minimum of $50 million for the use of the Suncorp Bank brand, to be received over time.

“Our purpose of building futures and protecting what matters – the focus of our company for over 100 years – will remain at our core and enable our people to deliver on our vision to create the leading Trans-Tasman insurance company.” – Suncorp Chairman Christine McLoughlin.

ANZ also announced that it withdrew from talks with private equity giant KKR to buy accounting software firm MYOB , in a deal that local media had pegged at over A$4.5 billion ($3.06 billion).