Mortgage Business Suncorp sells wealth arm for $45 million By Annie Kane 29 April 2021 The financial services group has announced that it is selling its wealth business for $45 million as it moves to simplify its offering. Suncorp has confirmed that it has entered into an agreement for the sale of its Australian wealth business, Suncorp Portfolio Services Ltd (SPSL), to LGIAsuper. The agreement, which is dependent on regulatory approvals, is for a total consideration of $45 million (subject to standard completion adjustments). This includes a fixed amount of $26.6 million, plus regulatory capital. Suncorp has said that it will enter into an agreement with LGIAsuper to distribute Suncorp superannuation products to Suncorp customers for 18 months after completion of the sale.