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Suncorp is a financial corporation in Australia ranking number six on the list of the largest banks in the country. It is also one of the top insurance groups to offer a wide range of programs and products. Just recently, Suncorp is ranked as Australia's third biggest company to provide general insurances. Its insurance policies include employee compensation, commercial, personal, and Compulsory Third Party (CTP) purposes.

Based in the financial district of Brisbane, state of Queensland, Suncorp is a leading corporation that is committed to provide not only banking, investment, and insurance services but also superannuation services or company pension plan for qualified applicants. The institution also gives utmost importance to customers of retail products and entrepreneurs of small and medium scale businesses.

For over a century now since its origin as an agricultural bank, Suncorp has proven its outstanding and strategic management of wealth and investments. In fact, the firm is already managing over $13 billion that are allocated in investment funds alone.

History

Basically, there are two government-owned institutions in Queensland that are working hand in hand to provide high quality financial services to more people. These are the Suncorp and the Queensland Industry Development Corporation (QIDC).

The history of Suncorp can be traced way back in 1902 when it first started as an agricultural bank. In 1916, it began doing insurance businesses and became known as the State Accident Insurance Office. After a short period of time, the office was transformed into the State Government Insurance Office or SGIO with a more expansive operation coverage. From accident insurance, it extended its services to cover life, general, and Compulsory Third Party (CTP) insurances. Since then, SGIO did not stop from growing. The advancement of its operations included superannuation plan and social and financial building as well.

Like the government-owned insurance office, QIDC also started as the Queensland Agricultural Bank in 1902. In the beginning, it was just a financier for businesses in rural areas. Then, it extended its services by lending money to small scale and medium scale businesses in the state.

On December 1, 1996, the two institutions, Suncorp and the Queensland Industry Development Corporation (QIDC), were merged with another company, the Metway Bank. Metway is the biggest locally-based banking firm that operates not only in Queensland but in the other states such as Victoria and New South Wales. The merging was aimed at providing higher quality and more competitive banking and insurance services. Since then, the corporation became known as the Suncorp-Metway Limited.

At the time when the companies merged, Suncorp had assets amounting to roughly around $10 billion, QIDC with $3 billion worth of assets, and Metway with assets that are approximately valued at $7.1 billion.

The unity of the three firms are projected to bring better services, cater to a wider market, and make the corporation more responsive to the growing needs and demands of its clients. Suncorp-Metway Limited has also become the fifth biggest financial institution in Queensland, greatly contributing to the economy of the state and the country.

On July 1, 2001, Suncorp-Metway got the AMP's Australian general insurance interests (GIO General Ltd), increasing its annual premium income by $2 billion. This is a strong proof that the merging of the companies has been very effective in realizing its goals.

Just recently, another important event was written in the annals of Suncorp's history. This took place when its merging with the Promina Group was fulfilled on March 20, 2007.

Overview of Products and Services

For Suncorp, its clients are their number one priority. Hence, it provides a wide selection of financial services and products to ensure the welfare of their customers. Their services and products cover banking, home loans, insurance, investments, superannuation, and financial planning. All of these are guaranteed to cater to every need of their clients.

Banking

Banking with Suncorp is not just about establishing accounts and withdrawing money. Transactions are made easier and more convenient through the use of Internet banking. The company also offers accounts that are highly accessible and debit card that are very convenient, which all come with flexible options for the benefits of its clients. The company also have credit card options for personal use ranging from Visa to American Express. Likewise, Suncorp has extended help to clients in making personal and car loans through financing and by assisting them in their international transactions. The company even offers competitive rates that come along with tools such as currency calculator for the foreign exchange.

Home Loans

No one understands its clients more than Suncorp. The company recognizes the need of each household to buy a house that will serve as their home -- their shelter and protection. For this reason, Suncorp came up with home loan products with affordable and flexible rates. This gives its growing number of clients a good option to compare different programs that will help them identify what is best suited for their needs. Application is easy, refinancing is available, and mortgages consultations are accessible.

Insurance

During these days of uncertainty, insurance is a must. It is for this reason that Suncorp developed a significant aim for its clients: to insure their future. Hence, the company provides car, life, home, boat, CPT, caravan, and transit insurances with comprehensive coverage that addresses the customers' needs. Payment terms are cost-effective with claims that can also be done easily.

Investments

Choosing the right institutions for investments can be tedious and critical. But, not with the help of Suncorp. It has various investment services and products such as savings and cash investments, share trading, property investments, margin lending, investor directed portfolio, and superannuation. When it comes to investment plans, Suncorp has most, if not all, of it.

Financial Planning

One of the most valuable contributions that Suncorp has given their customers is assistance for financial planning. Its strategies and plans have been tested many times. This is part of the reasons why even old players in financial industry constantly seek help from Suncorp for financial planning. The same service is offered by the company even to small size and medium scale entrepreneurs.