Suncorp restarts bank sale

Suncorp may have resumed efforts to sell its banking business, the Financial Review reported in its Street Talk column.

The bank and its advisers, Carnegie Wylie, have been sounding out parties on restarting a sale process, the newspaper reported.

Seven weeks ago, in an interview with the newspaper, the bank's chief executive, John Mulcahy reiterated that the insurance and banking group remained open to offers to sell its banking business.

In October Suncorp conducted an auction of its banking business with only ANZ making an offer in the end. The introduction of the government guarantee on deposits removed the group's immediate need to sell the bank.

And based on CBA's revaluation of BankWest, disclosed yesterday, Suncorp may be able to achieve a better price for the bank if it can only find a buyer.