There are no immediate plans to overhaul the companies under the Promina banner following Suncorp's takeover of the financial services group, according to Suncorp chief executive John Mulcahy.
Mulcahy's comment followed Suncorp's announcement yesterday that the group had entered into a merger implementation agreement (MIA) with Promina to buy all of Promina's shares for $7.9 billion.
He said the proposed merger was a customer-led strategy and therefore any plans with regard to the Promina brands would be based on customer needs.
"We plan to understand what the customer wants and optimise the brands accordingly. Our branding efforts will be aligned with the different customer segments," he said.
Brands under the Promina group include insurer Asteron, fund manager Tyndall and financial planning companies Cameron Walshe, Guardian Financial Planning and Standard Pacific.
Mulcahy said the merger would enhance the group's capabilities in banking, insurance and wealth management.
"The merger will create a vigorously competitive company in both the New Zealand and Australian markets in the insurance, wealth management and banking sectors," he said.
The deal will create a $20 billion financial services company, making the group Australia's tenth largest company on the ASX 100.
Under the MIA, Promina shareholders will receive 0.2618 Suncorp shares plus $1.80 in cash for each Promina share.
Mulcahy will lead the combined group while John Story will continue as chair of Suncorp.
Promina chief executive Mike Wilkins will take on a six-month consultative role with the newly-merged group.
Mulcahy said it was "early days yet to comment on job losses".
Suncorp's shares plummeted by almost 6 per cent yesterday, closing at $21.41, while Promina's shares were up by 2 per cent, ending the day at $6.92.
