Australia and New Zealand Banking Group (ANZ) has executed an implementation agreement with the Queensland Government, as part of its plan to acquire Suncorp Bank.

In July last year, ANZ signed an agreement with Suncorp Group to acquire the Australia-based lender to boost the growth of its retail and commercial businesses.

Under the implementation agreement with the State of Queensland, ANZ is committed to establishing a new major tech hub in Brisbane for technology specialists in digital, cloud and data.

Also, the company will hire 700 people for the tech hub over five years.

It will partner with Google to deliver cloud training to tech hub employees and work with local universities to drive research and training in technology.

ANZ CEO Shayne Elliott said: “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.

“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.

ANZ said that the new tech hub will advance Queensland’s tech sector and open strong career pathways, while giving ANZ a key platform to continue to deliver innovation to its customers.

Also, its commitments under the implementation agreement are subject to the completion of its proposed acquisition of Suncorp Bank.

The company is expected to complete the acquisition in the second half of this year.

The closing is subject to authorisation by the Australian Competition and Consumer Commission, approval from the Federal Treasurer and Queensland legislative amendments.

In addition to the tech hub, the implementation agreement also includes additional commitments to the State of Queensland, including ANZ’s lending commitments announced in July last year.

Elliott added: “ANZ’s tech hub will provide career opportunities to Queenslanders and will create jobs, lift wages, and boost productivity.

“The agreement aligns with the work already underway by both the Queensland and Federal governments to build the capability of Queensland’s workforce, including providing a pipeline of technology talent for the future.”