Suncorp named Money’s Bank of the Year for 2022

Suncorp has almost locked in this price for the past few years. This should come as no surprise to those who have looked at its heritage, who it serves, what drives it, and what it strives to create.

It is the ninth-largest bank and, combined with its insurance and wealth management divisions, it has nearly $100 billion in assets, making it one of the largest and most trusted financial institutions. Australia’s most complete.

One of the things that sets Suncorp apart is that by being native and based in Queensland, it has a rare blend of being big and small, metropolitan and rural, consumer-focused without neglecting its business customers.

Being based in Queensland gives him other perspectives. She experiences natural disasters alongside her clients because she also faces them.

There’s little better way to demonstrate the impact of this on Suncorp than by looking at its Build it Back Better program, which gives eligible customers filing a claim the opportunity to improve their home’s resilience to natural disasters. .

But as an ASX top 50 company with 13,000 employees, it cannot operate as a member-owned mutual bank. But it’s still in its DNA, and it has been strengthened by its merger with smaller institutions and mutuals, many of which are regionally based, over the years.

Nearly 60% of Suncorp’s business is in insurance, with 40% in banking. It has extensive operations in New Zealand.

About 80% of its loans go to housing, with business and agriculture also accounting for a large part of its business. This mix puts it front and center in the community.

With clients like this, it’s easy to see why Suncorp is so focused on environmental, sustainability and governance (ESG) principles, particularly resilience to natural disasters, as well as accessibility and affordability, responses to climate change, being a determined and responsible company and being available to vulnerable customers.

As important as these factors are, Suncorp customers also need their bank to offer competitive products. Its basic home loans are consistently in the top 20% for value and variable rate loans in the top 30%.

In credit cards, it competes aggressively with other big banks, as it does in time deposits, especially for short-term rates.

ANZ, Australia’s fourth largest bank, is in second place this year, while Macquarie Bank, our fifth largest, is in third place.

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