On my way along Warringah Road yesterday, I saw a big shiny billboard with a huge Suncorp advertisement on it.
The billboard read,
“We’re not owned by the Big Four. So why should you be?”
This piqued my interest as I realised that I didn’t know who Suncorp was in kahoots with (oddly enough I didn’t trust them to be independent). I took a quick squiz at the Shareholder listing on the last page of the Suncorp Annual Report to learn that Suncorp’s Top 20 Shareholders are remarkably similar to the Top 20 shareholders for the Big Four. And guess what…their Top 4 shareholders are EXACTLY the same as the Top 4 Shareholders for ANZ, CommBank, Westpac and NAB.
So, they might not be owned by the big four, but the shareholders who own the big four own Suncorp.
This makes them about as independent as well, the Big Four.
In the year ending June 2011, Suncorp didn’t make quite as much profit for their shareholders as usual because the areas worst ever natural disasters got in the way…
Suncorp Group Limited (Suncorp) today reported a net profit after tax of $453 million for the full year to 30 June 2011. The headline profit, down from $780 million in the previous financial year, reflected the impact of the worst period of natural disasters in the region’s history. (from their ASX release)
Poor Suncorp…We’re so sad that you only made $4.5 billion in profit last year.
What a waste of money on stupid advertising. In fact, I think it’s almost as annoying as profitable NAB’s break-up campaign.
If you want a truly independent bank, then don’t go with this lot.
For more information on banks who aren’t independent, take a look at our bank ownership chart. We’ll be adding Suncorp to it real soon.
SOURCE from SYB.