Suncorp has confirmed it has received several approaches from parties interested in acquiring the group’s banking and wealth management operations.

In a statement to the Australian Stock Exchange today, Suncorp advised shareholders the preliminary approaches “may or may not lead to formal proposals being put to Suncorp”.

Suncorp announced it has appointed advisers Lazard Carnegie Wylie and UBS.

The bancassurer has faced increasing speculation that it is a takeover target since the company reported an earnings downgrade in August.

Meanwhile, Suncorp has successfully offloaded Australian and overseas equity assets contained within its $1.2 billion General Insurance Shareholder Fund portfolios.

Suncorp spokesman Jamin Smith told insuranceNEWS.com.au the insurer advised its intention to “derisk” its investment portfolios in its full-year results announcement in late August.

“We made the decision to offload and move into an alternative, such as fixed income or cash,” Mr Smith said.