ANZ has announced the signing of an implementation agreement with the Queensland Government as part of its plan to acquire Suncorp Bank. This agreement involves ANZ committing to establishing a major tech hub in Brisbane, aimed at enhancing the state's tech sector and providing career opportunities for Queenslanders.
The agreement is a step forward in ANZ's acquisition plan for Suncorp Bank. As per the terms, ANZ will set up a tech hub in Brisbane focusing on digital, cloud, and data technologies. Over five years, 700 specialists will be hired or placed into this hub. Additionally, ANZ plans to collaborate with Google for cloud training and work with local universities to promote research and training in technology.
These commitments are contingent upon the successful completion of the Suncorp Bank acquisition. Besides the tech hub initiative, ANZ has made further commitments to Queensland, including lending agreements announced previously on July 18, 2022.
ANZ Chief Executive Officer Shayne Elliott stated: “The implementation agreement represents a significant commitment by ANZ to Queensland, and we welcome the constructive approach of the Government to growing the tech sector in the state.”
Elliott also highlighted that "Research shows Queensland educates almost one fifth of the nation’s IT students yet has less than one seventh of the nation’s tech workers." He emphasized that ANZ's tech hub would offer career opportunities while creating jobs and boosting productivity.
The acquisition is subject to several conditions such as authorization by relevant authorities including the Australian Competition and Consumer Commission and approval from both Federal Treasurer and Queensland legislative amendments. Despite these pending approvals, preparations for integrating Suncorp Bank into ANZ are ongoing with a joint transition plan already agreed upon with Suncorp. The completion is anticipated in late 2023.
Approved for distribution by ANZ’s Continuous Disclosure Committee