Australian insurer Suncorp has responded to continuing market speculation that it may need to sell assets with confirmation that it has received several approaches by parties expressing interest in acquiring its banking and wealth management operations.

Shareholders are being advised that these preliminary approaches may or may not lead to formal proposals being put to the firm, which also states that it has appointed Lazard Carnegie Wylie and
UBS to assist in relation to the matter.

The company gets about 14 per cent of sales from wealth management and 32 per cent of revenue from banking, according to Bloomberg.