The announcement noted that LGIAsuper was progressing towards a merger with Energy Super and that together with the Suncorp Wealth business, the combined business would have around $28 billion in funds under administration and approximately 250,000 members.
It said total consideration was estimated at $45 million, which included a fixed amount of $26.6 million, plus regulatory capital.
Following completion of the sale, Suncorp will enter into an agreement with LGIAsuper to distribute Suncorp superannuation products to Suncorp customers for 18 months.
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Suncorp sells super business 28 April 2021
Suncorp will sell its Australian super business to LGIAsuper in what it believes will provide a “good outcome” for its 137,000 superannuation members.
The decision was made as part of a plan to simplify Suncorp’s portfolio, and will see LGIAsuper’s funds under administration swell to some $28 billion ahead of its proposed merger with Energy Super.
“The values and purpose of LGIAsuper, which is also headquartered in Queensland, align closely with those of Suncorp. This transaction will also enable the combined businesses to take advantage of size and scale benefits,” said Suncorp chief executive for banking and wealth Clive van Horen.
Friday, 23 April 2021, 12:40 pm
Suncorp New Zealand has announced that it has signed up
to the Climate Leaders Coalition 2019 Statement, as part of
its commitment to reducing carbon emissions.
The 2019
Statement was launched in July 2019 by the Climate Leaders
Coalition, and is an ambitious pledge for Coalition members
to reduce emissions and educate employees, suppliers,
customers and the public on climate change.
It commits
businesses to measuring and reporting their carbon
footprint, assessing and disclosing climate change risks,
working with employees and suppliers to reduce their
emissions and adopting targets to deliver substantial
emissions reductions that will contribute to New Zealand