Suncorp Group Limited: Cleansing Notice and Update on COVID-19 Impact & CEO’s Exit

May 11, 2020 12:56 PM AEST
Team Kalkine

Suncorp Group Limited (ASX:SUN) notified the market that it had issued 3 fully paid ordinary shares at a price of $8.91 per new share. This issuance is to finance the redemption of SUN’s convertible preference shares that will not be transformed into ordinary shares.

SUN further announced that Ms Lee Hatton, CEO Banking and Wealth will be exiting the organisation by the end of May this year. Until a permanent replacement of Ms Hatton is made, Mr Bruce Rush who is Executive General Manager Deposits & Payments, will be Acting as CEO Banking and Wealth.

As an update on COVID-19, the Group announced following key points.

Group expenses to be marginally greater than $2.7 billion for FY 2020 (including leave and pay entitlements remediation).
Suncorp Bank has a sound capital, liquidity, and funding and it benefits from the SUN’s A+ credit rating.

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