Initially operating primarily as a rural financier, QIDC expanded its activities to include commercial lending to small and medium-sized businesses.

The Queensland State Government proposed the merger of the three companies to create a more competitive financial institution better geared to meet the needs of the future.

The merger also created Australia's fifth largest listed financial services group with the associated economic benefits of a major Australian corporate headquarters located in Queensland.

This enabled the delivery of the group's resources under one banner, the streamlining of the product range and elimination of duplication in the branch network.

In September 1997, the State Government announced a public issue of 100 million Exchanging Instalment Notes[6] giving preference to existing customers and shareholders of Suncorp, Metway and QIDC.

The public paid $6.10 for the notes in two instalments and these exchanged for ordinary shares on 1 November 1999, increasing the number of Suncorp Metway shareholders from 36,000 to approximately 111,000.

Twelve months later the State Government announced a total sell down of its shareholding through a second Exchanging Instalment Notes issue.

[10] On 20 February 2024, the Australian Competition Tribunal overturned the decision by the ACCC, paving the way for ANZ to acquire Suncorp Bank.