SYDNEY, Feb 9 (Reuters) - Australian bank and insurer Suncorp-Metway Ltd has completed the A$855 million ($578 million) institutional part of a capital raising designed to strengthen its balance sheet as bad debts rise.
Australia's second-biggest car and home insurer announced plans last week to raise A$900 million by selling new shares, and said its chief executive, John Mulcahy, would step down.
The shares were sold at A$4.50 each, it said in a statement late on Friday.
The retail component of the capital raising will begin on Feb. 16.
(Reporting by Mette Fraende) ($1=1.480 Australian Dollar) Keywords: SUNCORP/ (mette.fraende@reuters.com; +612-9373-1815; Reuters Messaging mette.fraende.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Australia's second-biggest car and home insurer announced plans last week to raise A$900 million by selling new shares, and said its chief executive, John Mulcahy, would step down.
The shares were sold at A$4.50 each, it said in a statement late on Friday.
The retail component of the capital raising will begin on Feb. 16.
(Reporting by Mette Fraende) ($1=1.480 Australian Dollar) Keywords: SUNCORP/ (mette.fraende@reuters.com; +612-9373-1815; Reuters Messaging mette.fraende.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.