Suncorp chairman John Story said: “The process that was commenced reflected the board’s responsibility to ensure the strong expressions of interest that had been received were given proper consideration. However, given the events of the past week in particular, we have determined that this process was unlikely to result in offers reflecting the operational or strategic value of the Suncorp banking and wealth management businesses.

“We have taken the view that the market needs time to take account of the initiatives put in place by the Australian Government and other national governments to rebuild confidence in the global financial system. The board is willing to re-engage with those parties who have, in the past, expressed strong strategic interest in these assets and is open to proposals that are realistic and offer fair value to our shareholders.”

Chief executive John Mulcahy said: “Suncorp continues to conduct its business in a manner that is consistent with the changed economic circumstances and underlying business performance has been strong so far this financial year.”