(27 August 2008 – Australia) As part of its profit announcement, Suncorp has announced a restructure in response to current market conditions.Suncorp’s chief executive, John Mulcahy, said that group is responding to current market conditions with a renewed focus on cost management by reducing discretionary spending and reducing duplication.
Suncorp is also looking for ways to reach its integrated end-state business model more quickly.
As part of this process, Suncorp has decided to merge its retail and business banking operations.
He added that merging the retail and business banking operations made sense in the current economic environment and market cycle.
For Suncorp, this change has been on the radar for some time and the group believes the timing is now right.
The Promina merger is well advanced and the group has the merger team expertise and infrastructure in place to help drive this change, Mulcahy concluded.
Current retail bank group executive David Foster will lead the combined banking business.
Stuart McDonald, who headed up the business bank, will replace Bernadette Inglis (who becomes group executive for personal insurance) as group executive for the group’s centre functions. The appointments are effective immediately.