Briefs: Suncorp CEO to retire, G-SIBs face a big loss absorbency task, Alibaba partners with Lending 04 February 2015 4:37PM Banking Day staff Briefs, Suncorp chairman Ziggy Switkowski has revealed that the company's chief executive, Patrick Snowball, will retire this year, according to the Australian Financial Review. Snowball has been in the top job at Suncorp for more than five years and is regarded as a success, with the company's share price doubling during his tenure. "We have generally been thinking that the end of this year is a time when we need to be ready with our succession well advanced," Switkowski said. The world's 30 global systemically important banks will need to sell "in excess of US$500 billion in total loss-absorbing capacity instruments over the next four to five years," Standard and Poor's said in a new report. The Financial Stability Board is pushing TLAC requirements for G-SIBs to "increase the credibility of bail-in strategies." S&P said the TLAC proposal "represents a key component of the regulatory jigsaw to address the 'too-big-to-fail' dilemma." Chinese online marketplace Alibaba is partnering with US-based Lending Club to enable small businesses to apply for a credit line of up to US$300,000 "in under five minutes" to make a payment to a vendor using Alibaba's e-commerce platform. The credit lines are only good "when purchasing goods from China-based suppliers on Alibaba.com," the company said in a statement. The company is looking to expand the Lending Club partnership to the UK and Australia next, a spokeswoman told Quartz news service. A new "marketplace lending platform", Lend2Fund, is about to hit the market, according to the AFR. The business will offer institutional investors access to commercial property loans packaged as debentures. The platform will allow investors to bid the interest rate on the debentures