i think suncorp is in alotta trouble.
it has alot of exposure to raptis group and BNB related entities.
plus its construction lending book is huge relative to its other assets. with property prices falling (as there is no credit induced bid/demand) half finished properties will be worth much less than the loans used to start them.
i think alot of equity will be wiped out before the group can re emerge. takeover is a possibility but i think most banks are capital constrained. QBE might be interested but it could probably pick up pieces of US based AIG for a bargain. and it has focussed on iag ( a better target since it is pure insurance) recently as well.
also the MTM losses on the assets it invests will have blown out since the last update because of the way the markets have been. Yes the majority of these are bonds and will close back to par IF the assets get repaid. but the IF is always a worry. pretty dire for their equities book or other risky assets.
my 2 cents. DYOR
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