Suncorp-Metway Ltd’s new chief executive, Patrick Snowball, says the financial group’s banking arm is core to the business, telling potential predators to “get your tanks off our lawn”.

Mr Snowball also pledged to restore market and shareholder confidence in the group and outline three key objectives to turn around Suncorp, which suffered a 40.3 per cent fall in profit in 2008/09.

The future of the banking arm, which has been valued at around around $4 billion and includes retail, commercial and agribusiness, has been a source of speculation for some months.

ANZ Banking Group Ltd chief executive Mike Smith in September said that while Suncorp’s bank was “not on the radar” of any possible purchase he would not rule out it.
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Banker and insurer Suncorp-Metway Ltd has announced financial services executive Patrick Snowball as its new chief executive officer.

Mr Snowball was chairman and deputy chairman with the Towergate group of companies for the past two years, and was a member of the executive team at Aviva plc, the world’s fifth largest insurance group, for 19 years from 1988.

“I am delighted to announce the appointment of an outstanding leader with extensive financial services experience and who has overseen businesses with operations in the United Kingdom, Ireland, Canada, India and Asia,” Suncorp chairman John Story said in a statement.

The appointment follows an “exhaustive” national and international search, Mr Story said.
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