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Suncorp set to buy Promina for A$7.9 billion

Suncorp set to buy Promina for A$7.9 billion

(23 October 2006 – Australia) Suncorp-Metway has formalised the deal with Promina and is set to pay A$7.9 billion for the insurance group, providing regulators give the arrangement the green light. Suncorp said both boards had unanimously agreed on the deal and had entered into a Merger Implementation Agreement.

The combined entity will create a A$20 billion diversified financial services company, Australia’s tenth largest ASX 100 company, with assets of about A$63 billion.

Suncorp chief executive officer John Mulcahy, who will lead the combined group, said if approved the transaction would create the leading diversified financial services provider in Australia and New Zealand.

"We believe significant synergies can be realised by bringing Suncorp and Promina together and the enhanced product offering will create a market leading service and product mix for customers," he said.
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