Suncorp Group is making a fresh push to spin-off or sell its banking unit and focus on its larger and arguably more valuable insurance arm, in a bid to boost returns for shareholders.
Suncorp, an ASX50 company with a $13.7 billion market value, was expected to sell the deliberations as a strategic review, formally considering all options for the group’s bank including a sale or demerger. Suncorp’s share price is at the heart of the deliberations, and whether there could be more value for shareholders if the company’s two long-held arms were separates. A recent sell-off in bank shares arguably makes the demerger less compelling.Suncorp’s trading at 14.4-times forecast earnings per share, which is materially lower than its big insurance rival IAG at 17.7-times, according to SSecond tier Australian banks generally trade at a discount to insurers; BoQ’s at 10.
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