Suncorp Metway Chairman John Lamble is set to retire from the company by March next year after the release of the group’s interim results showed they were on track to deliver cost savings of $240 million.

John Story, a director of the original Metway Bank since 1995, will replace Mr Lamble and in the meantime will take over as interim Deputy Chairman.

Mr Lamble, a former CEO of NRMA Insurance, has chaired Suncorp Metway since it was created in December 1996 from the merger of Suncorp, Metway and QIDC. “The company’s share price has almost tripled in that period and significant shareholder value has been created,” Mr Lamble said.

Suncorp bought GIO from AMP in June last year. There were doubts about whether the merger would deliver benefits, but Mr Lamble said the integration has gone as planned. “In fact, we initially expected $80 million savings, then $120 million and now it’s $240 million,” he said.