LONDON, UK: ANZ has announced the execution of an implementation agreement with the Queensland Government, marking a crucial step in its plan to acquire Suncorp Bank.

The agreement outlines ANZ’s commitment to establishing a major tech hub in Brisbane, aimed at bolstering the state’s tech sector and creating career opportunities for Queenslanders while enhancing innovation for ANZ’s customers.

The implementation agreement includes several key commitments from ANZ. Firstly, the bank will establish a new tech hub in Brisbane over a five-year period, dedicated to digital, cloud, and data specialists. The initiative is set to bring 700 tech professionals to the region. ANZ will collaborate with Google to provide cloud training to employees within the tech hub. Additionally, ANZ will work closely with Queensland universities to drive research and training in technology.

ANZ’s commitments under the implementation agreement are contingent upon the successful completion of its acquisition of Suncorp Bank. The agreement also encompasses ANZ’s lending commitments, which were previously announced in July 2022.

ANZ’s CEO, Shayne Elliott, expressed enthusiasm for the agreement, emphasizing the bank’s significant commitment to Queensland. He highlighted the need to bridge the gap between IT education and available tech jobs in the state, noting that ANZ’s tech hub will create opportunities for Queenslanders, boost employment, increase wages, and enhance productivity.

The implementation agreement aligns with the efforts of the Queensland and Federal governments to strengthen the workforce and cultivate a pipeline of technology talent for the future. ANZ’s acquisition of Suncorp Bank is subject to various conditions, including approval from the Australian Competition and Consumer Commission, the Federal Treasurer, and amendments to Queensland legislation.

While awaiting the fulfillment of these conditions, ANZ continues to prepare for the integration of Suncorp Bank into its operations. The bank has executed a joint transition plan in collaboration with Suncorp, with the acquisition anticipated to conclude in the second half of the calendar year 2023. The establishment of the tech hub in Brisbane will play a pivotal role in ANZ’s strategic expansion and commitment to technological innovation in the banking industry.