Buying Promina, the nation's second-largest car and houseinsurer, may help Suncorp Chief Executive Officer John Mulcahyreverse a slump in premium growth and thwart possible takeoverattempts. The purchase would further test his marriage ofbanking and insurance, a model abandoned globally by CitigroupInc. and Credit Suisse Group.
The purchase by Suncorp, also the country's No. 6 bank, wouldbe the largest in Australia's financial-services industry since.Commonwealth Bank of Australia bought Colonial Ltd. for A$9.6billion in 2000, data compiled by Bloomberg show. Suncorp ChiefExecutive Officer John Mulcahy last month said he'd hiredCitigroup Inc. to explore potential takeovers.
Tags:
Financial service Industry
Bank of Australia
House Insurer
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