Market downturn has forced Suncorp to end sale discussions with all parties interested in purchasing its banking and wealth management assets.
"Given the events of the past week in particular, we have determined that this process was unlikely to result in offers reflecting the operational or strategic value of the Suncorp banking and wealth management businesses," Suncorp chairman John Story said.
While the financial services firm said its wealth management and banking assets were up for sale earlier this week, late yesterday it confirmed at this stage the sale was off.
"We have taken the view that the market needs time to take account of the initiatives put in place by the Australian Government and other national governments, to rebuild confidence in the global financial system," Story said.
Suncorp will re-engage the interested parties who expressed strong strategic interest, and is open to proposals that are realistic and in the best interest of its shareholders, he said.
Earlier this month, Suncorp announced it had been approached by several parties expressing interest in acquiring the banking and wealth management operations.
Although Suncorp did not want to disclose which parties, the Commonwealth Bank of Australia has confirmed it was involved in earlier discussions.
ANZ and National Australia Bank are also thought to have shown interest.
