Suncorp-Metway may sell its financial planning unit, while subsidiary Tyndall is under review.
Suncorp Financial Planning is currently under review for a sale, a spokesperson for Suncorp-Metway has confirmed.
Earlier this week, Suncorp said it had received several approaches by parties expressing interest in acquiring the banking and wealth management operations of the group.
"The press release says the banking and wealth management operations. You could quite reasonably assume that this would include the financial planning unit," the spokesperson said yesterday.
Suncorp Financial Planning consists of 200 financial advisers spread over 76 practices. The business is fully owned by Suncorp-Metway.
The Commonwealth Bank of Australia, National Bank of Australia and ANZ have been named as interested parties, but Suncorp declined to disclose who was involved.
The group said the discussions were preliminary, and that the approaches may not lead to a formal takeover bid.
Also under review is Suncorp-Metway subsidiary, investment manager Tyndall. Managing director Brett Himbury said it is business as usual at the company.
He added that the inclusion of the company's products in several new platforms, and the upgrading of its ratings have led to more fund inflow.
"Our fund flow is net positive and well up on prior periods," he said. "We are now looking at further initiative to grow our inflow, such as marketing initiatives and product development."
Tyndall will also continue the analysis of its brand, Himbury said. "This is very important to us, and we are holding extensive discussions with stakeholders."
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