The sale of the wealth management unit of Australia’s Suncorp Metway is under doubt after the country’s government announced it would guarantee all bank deposits.

In a statement, the company said: "In light of the significant events in world financial markets over the last week and the federal government's constructive initiatives for the financial sector announced yesterday, Suncorp is assessing the implications for the potential sale of its banking and wealth management operation."

The Brisbane company said it would have discussions with interested parties and would update the market in due course. Last week it said it had received several approaches for its wealth management unit.

With the guarantee of bank deposits, Suncorp’s wealth management may be worth more than figures discussed last week.