Goldman Sachs (GS) is buying a big batch of the "bad bank" loan book of Suncorp (SNMYF.PK) for $960M. What it's getting for the money is A$1.6B of loans for an average 60 cents on the dollar. Suncorp will book a loss of about A$480M in 2H13 and is expected to issue a special dividend to return surplus capital to investors.
Suncorp Group includes leading general insurance, banking, life insurance, superannuation and investment brands in Australia and New Zealand. The Group has around 16,000 employees and relationships with nine million customers. It is a Top 25 ASX listed company with over $95 billion in assets.<br...More