Suncorp’s vision of the future
(10 May 2010 – Australia) Brisbane based regional bank insurer Suncorp is looking to separate its "bad" lending arm and enhance its "good" bank branch based network, focussing on NSW and WA.
Describing this refreshed view of its future, Suncorp sees itself as the "best bank for middle Australia", and is planning to use this as the platform to acquire new customers from "former regional" rivals. It ha s also tabled an earnings target for the Bank of a 15 percent plus return on equity by 2013.
The outlook was underscored when the Bank revealed a $20 million hit to profits for 2010's third quarter despite having boosted deposit funding. The head of Suncorp’s bank reported demand for housing loans remaining good and business lending starting to tick up.
This has encouraged the Bank to target close to 30 new branches being deployed over the next three years, an effective doubling of Suncorp’s NSW and WA current networks in both states. Total branch and agency network consists currently of 180, supported by 47 business banking centres. By comparison regional competitors Bank of Queensland has 255 branches and Bendigo Adelaide Bank 445.
The outlook was underscored when the Bank revealed a $20 million hit to profits for 2010's third quarter despite having boosted deposit funding. The head of Suncorp’s bank reported demand for housing loans remaining good and business lending starting to tick up.
This has encouraged the Bank to target close to 30 new branches being deployed over the next three years, an effective doubling of Suncorp’s NSW and WA current networks in both states. Total branch and agency network consists currently of 180, supported by 47 business banking centres. By comparison regional competitors Bank of Queensland has 255 branches and Bendigo Adelaide Bank 445.
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