Suncorp has revealed it will sell off its wealth management business to another Queensland-based superannuation fund.
In a statement lodged to the Australian Stock Exchange on Wednesday, the financial and insurance group announced it had entered into an agreement to sell off its wealth division to LGIAsuper.
The deal means 137,000 Suncorp superannuation members will merge into LGIAsuper, which is already looking at amalgamating with another Queensland fund, Energy Super.
The juiced-up super fund is…
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