Bank-owned insurance gnats a brake on Suncorp

lijun1227

In the opinion of the Australian Competition and Consumer Commission major banks will provide the most potent restraint upon any profiteering by Suncorp and Promina when the two general insurance companies merge in early 2007. The ACCC said yesterday it will not intervene in the proposed merger of the two firms. Promina shareholders will vote on a scheme of arrangement to give effect to the merger in the new year.