SUNCORP could split its banking businesses into three parts as part of a break-up of the troubled group, according to research by Credit Suisse.
The broker note coincides with speculation Dutch institution Rabobank has cast its eye over the agribusiness segment of Suncorp's lending operations, according to The Australian Financial Review report on Friday.
The Brisbane-based banking, insurance and wealth management group plans to run down its non-core operations, the report says, and then is expected to consider offers for the remaining bank after new chief executive Patrick Snowball starts work in September.
Credit Suisse says the core agribusiness segment contains $3.5 billion in gross loans and could prove attractive to Rabobank, one of the world's largest specialised food and agribusiness lenders.
"Whilst the [Australian Competition and Consumer Commission] has made its displeasure clear on a possible takeover of [Suncorp] bank by the majors, we do not necessarily view such an objection as insurmountable," Credit Suisse notes.
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