The ANZ Group Holdings Ltd (ASX: ANZ) share price is on the move on Friday.
In morning trade, the banking giant's shares are up 1% to $23.29.
Why is the ANZ share price rising?
Investors have been bidding the ANZ share price higher today after the company made progress in its quest to acquire the banking operations of Suncorp Group Ltd (ASX: SUN).
According to the release, ANZ has executed an implementation agreement with the Queensland Government as part of the proposed acquisition of Suncorp Bank.
The release notes that the agreement with the State of Queensland will see ANZ commit to establishing a major tech hub in Brisbane. This hub is being designed to help grow the state's tech sector and open strong career pathways for Queenslanders, while giving ANZ a key platform to continue to deliver innovation to its customers.
In addition, over a five-year period, ANZ will hire or place 700 people into the tech hub. It will also work with Google to deliver cloud training to tech hub employees and work with Queensland universities to drive research and training in technology.
ANZ's 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'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.
ANZ's acquisition of Suncorp Bank remains subject to conditions including authorisation by the Australian Competition and Consumer Commission, approval from the Federal Treasurer, and Queensland legislative amendments.
Nevertheless, the bank revealed that it is already preparing for the integration of Suncorp Bank, including the execution of a joint transition plan agreed with Suncorp. Completion of the acquisition is expected to occur in the second half of calendar year 2023.
