SYDNEY, AUSTRALIA: Suncorp Group Limited today reaffirmed its commitment to Queensland through a significant jobs and investment package agreed with the Queensland Government as part of the sale of Suncorp Bank to Australia and New Zealand Banking Group Limited (ANZ) (the Proposed Transaction).
The package includes:
- Ensuring aggregate employment levels for the Suncorp insurance business and Group corporate services activities are greater in Queensland than any other individual state or territory in Australia.
- Investing at least $19 million to develop a Disaster Response Centre of Excellence in Suncorp’s Brisbane headquarters.
- Increasing the number of Suncorp employees in regional Queensland by 120 people through the creation of a ‘Suncorp Regional Hub’ in Townsville, Queensland.
- Spending at least $3 million to fund community or educational initiatives relating to vocational training, supporting First Nations employment pathways and research courses, internships and scholarships relevant to disaster resilience and emergency management.
Suncorp Group Chairman Christine McLoughlin, AM said Suncorp had a long and proud heritage as a Queensland headquartered company and remained fully committed to Queensland.
“This amendment, if approved, will further entrench Suncorp into the fabric of the Queensland community with continued investment and jobs in Queensland prioritised,” Ms McLoughlin said.
Suncorp Group CEO Steve Johnston said this agreement, pending approval, was a positive step towards Suncorp Group becoming a dedicated Trans-Tasman insurer at a time when both the value of insurance and the need for a vibrant, sustainable insurance sector has never been greater.
“Suncorp’s ability to meet the rapidly changing needs of insurance customers, address increasingly complex challenges such as climate change and affordability and to be at the forefront of advocating for a more resilient Australia will be significantly strengthened through dedicated investment as a pure play insurance company,” Mr Johnston said.
“Headquartered in Queensland, the Group will remain the home of several of Australia and New Zealand’s leading and most trusted insurance brands including AAMI, GIO, Shannons, Apia and Vero, and of course the Suncorp brand, and will continue to offer the same great service to Queenslanders.”
Subject to receiving the required approvals, the expected timeline for completion of the sale of Suncorp Bank to ANZ remains the second half of calendar year 2023. As previously disclosed, the ACCC is expected to make its determination by 28 July 2023.