S&P Updates Suncorp Bank's Stand-Alone Credit Profile
18 November 2015
Standard & Poor's (S&P) today upgraded the stand-alone credit profile of Suncorp Metway Ltd (Suncorp Bank) from 'bbb+' to 'a-' as part of its international review of the banking industry. The Suncorp Group credit rating remains at a 'stable' outlook.
Suncorp Bank CEO, John Nesbitt, said the S&P decision demonstrated the significant progress made to strengthen the Bank's balance sheet, business profile and position as the genuine alternative to the major banks.
"We're really pleased to have received an upgrade to the Suncorp Bank stand-alone credit profile, an acknowledgement of our relentless focus on good risk management and quality growth," Mr Nesbitt said.
"The upgrade reflects the strength and sustainability of our balance sheet, volume and margins, and most importantly the demonstrated value we provide to our customers.
"Our credit rating provides considerable benefits in terms of access to a wide range of diversified wholesale funding markets at competitive rates which supports our growth.
"The announcement further positions Suncorp Bank as the genuine alternative to the major banks, providing leading products and services our personal, SME, commercial and agribusiness banking customers.
"This will only become more pronounced as we embed our new core banking platform into our business in 2016 and continue improving our risk management capabilities through the Basel Advanced Accreditation program.”
About Suncorp: Suncorp Group includes leading general insurance, banking, life insurance and superannuation brands in Australia and New Zealand. The Group has 14,500 employees and relationships with nine million customers. Suncorp Group Limited is a Top 20 ASX-listed company with $94 billion in assets. Suncorp Bank is Australia’s leading regional bank servicing more than one million personal, SME and agribusiness customers.