ANZ-Suncorp deal to bring Townsville jobs boost

Suncorp is set to beef up its insurance business in Townsville and Brisbane after ANZ received the green light to take over the banking side of the company's operations. Queensland Treasurer Cameron Dick said Suncorp was set to invest at least $2 million for the establishment of the Suncorp Regional Hub in Townsville, with 120 new jobs, and at least $19 million for the establishment of a Disaster Response Centre of Excellence in Brisbane. A deal struck by the Queensland Government with ANZ and Suncorp last year would also see $3 million for community and education initiatives focused on First Nations employment pathways and building skills in disaster resilience and emergency management, he said. “When ANZ first raised the prospect of buying Suncorp, I made it crystal clear this deal could only go ahead if Queensland was the winner, and especially regional Queensland," Mr Dick said. "With Federal approval granted, we will now ensure that Suncorp makes good on its commitments, strengthening the financial services sector in the state and bringing more skilled jobs here.” ANZ today welcomed the Federal Treasurer’s approval of the proposed acquisition of Suncorp Bank under the Financial Sector (Shareholdings) Act 1998 (FSSA). A number of conditions are attached to the approval, including: ANZ will maintain its and Suncorp Bank’s regional branch numbers throughout Australia for three years. There will be no net job losses in Australia as a direct result of the acquisition for three years. ANZ will continue its ongoing efforts to reach an agreement with Australia Post, on a commercial basis, to offer Bank@Post services to its customers. Suncorp Group chief executive officer Steve Johnston said the decision was an important step towards Suncorp Group becoming a dedicated Trans-Tasman insurer, proudly headquartered in Queensland. "Following completion, Suncorp will focus on meeting the evolving needs of insurance customers and addressing increasingly complex challenges such as climate change and affordability,” Mr Johnston said. "This decision also brings us another step closer to the delivery of the jobs and investment package Suncorp agreed with the Queensland Government as part of the sale process, with benefits not only for Queensland but across Australia and New Zealand more broadly.” Completion of the acquisition remains subject to the commencement of the Queensland State Financial Institutions and Metway Merger Amendment Act. Once this occurs, completion of the acquisition is expected to occur at the end of July.

ANZ-Suncorp deal to bring Townsville jobs boost

Industry Queensland

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