UPDATE 1-Suncorp says has approaches for banking operation
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SYDNEY, Oct 6 (Reuters) - Suncorp-Metway Ltd (SUN.AX), an Australian insurance and banking group, has received several approaches from parties interested in buying its banking and wealth management operations, the A$10.6 billion ($8.2 billion) company said on Monday.
Australia's second-biggest car and home insurer and sixth-biggest bank made the comments after its shares rose 11 percent on Thursday and Friday on speculation it had been approached by some of Australia's top banks.
"Shareholders are advised that these preliminary approaches may or may not lead to formal proposals being made to Suncorp," the company said in a statement.
It has appointed Lazard Carnegie Wylie and UBS to advise on the matter.
Last week Australia and New Zealand Banking Group Ltd's (ANZ.AX) Australian chief, Brian Hartzer, declined to comment on whether ANZ had approached Suncorp.
Suncorp is seen as vulnerable to a takeover after its profit for the year to June 2008 slumped nearly 50 percent due to higher insurance claims than normal, after a series of weather events, and the global credit crunch increasing its funding costs.
Moves on Suncorp come as Westpac Banking Corp (WBC.AX) is poised to take over Australia's No. 5 bank, St George Bank Ltd SGB.AX, and reports that Commonwealth Bank of Australia (CBA.AX) has been rebuffed in approaches to HBOS Australia HBOS.L for its BankWest operation. ($1=A$1.29) (Reporting by Sonali Paul; Editing by James Thornhill)
