Suncorp has shown the door to competitors interested in its bank and wealth management division, because it’s confident it will be able to get a higher price for the assets in times of greater economic stability.

The Commonwealth Bank, ANZ and the National Australia Bank are understood to have been interested in the country’s sixth-largest player after Suncorp confirmed it was open to offers.

But last week the group ended the speculation. Chairman John Story said the board had determined talks were “unlikely to result in offers reflecting the operational or strategic value” of the business.

“We have taken the view that the market needs time to take account of the initiatives put in place by the Australian Government and other national governments to rebuild confidence in the global financial system,” he said.

Suncorp says that the Federal Government bank deposit guarantee was central to the decision.

The company says it may reconvene talks with interested parties later if they are able to table “realistic and fair value” bids for the company.