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Suncorp Group Announces Redemption of SML Floating Rate Capital Notes (SBKHB)

04 May 2021  |  08:22:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: Redemption of SML Floating Rate Capital Notes (SBKHB)

Suncorp Group noted that Suncorp-Metway elected to redeem all Floating Rate Capital Notes issued by SML in December 1998 on the Early Redemption Date of 28 July 2021. Since the introduction of Basel II rules in 2013, the Notes have qualified as transitional Tier 2 capital for SML under APRA's regulatory requirements. Under these transitional rules, the Notes will no longer contribute to the capital requirements of SML from 1 January 2022. The redemption has been approved by APRA in accordance with the Terms and Conditions of Notes.

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