If this pans out, Suncorp would get $5 billion or so in capital returns and deliverance from its investors’ long-standing grumblings about growth. Such a deal would also change it from being a “bancassurer” to just an insurer.
We’ve got the details on where things are at, and how other banks would look in a potential sale.
Over in IPO land, carbon offsets trading business Xpansiv has slashed its expectations of a $2 billion listing valuation to between $1.2 billion and $1.3 billion.
The question now is whether it perseveres with an IPO or shunts its capital needs to the private markets, a la Songtradr.
The carbon-trading platform has moved on from hopes of a $2 billion-odd IPO valuation, realising investors are in no mood to take a punt in shaky markets.
Potential investors have been told it would have a seven-year term (with a three-year extension option) and target a 15 per cent annualised return after fees.