The Minister for Financial Services & Regulation, Joe Hockey, today approved the acquisition of GIO Insurance Investment Holdings A Pty Ltd - a wholly owned subsidiary of AMP - by Suncorp Metway Insurance Limited.
The approvals were required in accordance with the Financial Sector (Shareholdings) Act 1998 and the Insurance Acquisitions and Takeovers Act 1991.
"I am satisfied that the acquisition is in the national and public interest. I have received extensive advice on the financial viability, prudential and competition policy implications from the Australian Prudential Regulation Authority, the Australian Competition and Consumer Commission and the Treasury," the Minister said.
"The acquisition will have national benefits by creating a stronger and more diversified financial institution with the scope to generate greater efficiencies, lower cost services and more diverse products for consumers."