Suncorp Group Limited, known simply as Suncorp, is an Australian finance, insurance and banking corporation based in Brisbane, Queensland, Australia. It was formed on 1 December 1996 by the merger of Suncorp, Metway Bank and the Queensland Industry Development Corporation (QIDC), and was one of Australia's mid-sized banks until 2022 (by combined lending and deposits), and its largest general insurance group.
History
Queensland Industry Development Corporation
QIDC had its origins in Agbank, which was a state government farming financier inaugurated in 1902. In 1986, new Queensland legislation incorporated and regulated the bank as the Queensland Industry Development Corporation. By the mid 1990s, QIDC had assets of approximately $3 billion.
1996 to 1999: Merger as Suncorp-Metway
In response to sweeping changes in Australia's financial and insurance industries in the mid-1990s, and especially the increasing convergence of the banking and insurance sectors, the state owned QIDC and Suncorp were amalgamated with Metway Bank in 1996.[5]