people employed across Australia and New Zealand.
customers across Australia and New Zealand
in assets, the Group is a Top 20 ASX listed company.
Queensland Agricultural Bank opened its first branch in south west Queensland providing loans to rural communities.
The State Accident Insurance Office was established, and quickly became the State Government Insurance Office (SGIO) providing life and general insurance products, and compulsory third party products.
Metway Bank was created by the conversion of Metropolitan Permanent Building Society (MPBS) to an authorised bank. MPBS grew to become one of Queensland's major building societies.
Queensland Agricultural Bank became the Queensland Government owned QIDC. QIDC expanded its operations to include commercial lending to small and medium sized businesses.
Metropolitan Building Society converted to bank status and listed on the Australian Stock Exchange as Metway Bank.
Metway Bank acquired Prudential Finance Limited and, in 1992, the Household Building Society.
Suncorp, owned by the Queensland Government and QIDC merged with Metway Bank to create Suncorp Metway, Australia's fifth largest listed financial services group. Queensland Government was the largest shareholder of the new group with a 68 per cent holding.
Queensland Government issued 100 million Exchanging Instalment Notices giving preference to existing customers and shareholders of Suncorp, Metway and QIDC. On completion of the offer, the Government's interest in the company was reduced to four per cent. The public paid $6.10 for the notes in two instalments and these exchanged for ordinary shares on 1 November 1999.
The new brand, Suncorp Metway, was launched, enabling the delivery of the Group's resources under one banner.
Queensland Government announced a total sell down of its Suncorp Metway shareholding through a second Exchanging Instalment Notes offer. The second issue attracted considerable public interest. The public paid $7.10 in two instalments, the second being paid on 6 November 2000. These notes were exchanged for ordinary shares on 31 October 2001.
Suncorp acquired AMP Limited’s Australian general insurance interests. The number of general insurance customers doubled and the business became more diversified, with growth in personal and commercial lines and the addition of workers compensation lines.
Suncorp's acquisition of 50 per cent of AMP's shareholdings in motoring club insurance joint ventures Royal Automobile Club of Queensland (RACQ) and the Royal Automobile Association (RAA) was completed. In March 2004 the Group acquired Royal Automobile Club of Tasmania (RACT).
Suncorp Metway simplified the brand to Suncorp, providing insurance solutions in Queensland, and banking and wealth solutions nationally. The Group continued to use the GIO brand for business outside Queensland.
Suncorp merged with Promina Group, a group with operations which dated back to 1833 in Australia and 1878 in New Zealand. Suncorp’s insurance brands now included AAMI, Bingle, Apia, Shannons, GIO, Terri Scheer, CIL, Vero, Asteron Life and Resilium in Australia, and Vero, AA Insurance, and Asteron Life in New Zealand.
Suncorp Group sold its stake in Royal Automobile Club of Queensland (RACQ) and the Royal Automobile Association (RAA) back to the respective motoring clubs.
Suncorp introduced a new operating model and purpose to create a better today for customers, shareholders, communities and employees. It also introduced a new logo - its first refresh since 1996.
Suncorp remains one of Australia's largest financial services organisations supporting millions of customers through a network of brands. The Group is a Top 20 ASX listed company, with more than 13,400 employees in Australia and New Zealand and approximately 9.6 million customers.