Deposit Power sold to CBL Insurance Limited

MEDIA RELEASE
Deposit Power sold to CBL Insurance Limited

3 October 2012: The Suncorp Group today announced that it has sold the Deposit Power business to CBL Insurance Limited.

Over the coming months the Suncorp Group and CBL will be working together to ensure a smooth transition for the Deposit Power business.

For CBL, this purchase represents an opportunity to grow its international portfolio of specialist financial and credit risk products, and its existing deposit bond business in other markets.

Personal Insurance Executive General Manager of Distribution, Andrew Mulvogue, said: “Deposit Power is a successful business providing products to help home buyers secure their purchase for over 20 years.

“We are very proud of the place Deposit Power holds in the mortgage market and are pleased to be able to hand the reins over to CBL to take the business to the next level.

“The decision to sell the business to CBL is part of our ongoing Group strategy to streamline our business.”

Dean Finlay, International Business Director of CBL commenting on the acquisition, said “Suncorp’s successful building of the Deposit Power brand to become the market leader in Australia was a key factor in CBL’s decision to acquire the business.

“Deposit Power has an exciting future in Australia, and we intend to bring a re-invigorated focus to grow the business. We are very conscious of the need to protect and respect the brand and existing long standing client relationships with Deposit Power which will be transferred to CBL as part of the acquisition”.

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