ANZ and Suncorp Bank merger will inject 120 new jobs in Townsville North Queensland

20th February 2024

Townsville North Queensland, is set to experience a boost of 120 new jobs following ANZ's successful $4.9 billion bid for Suncorp’s banking arm, as confirmed by the Australian Competition Tribunal's decision on Tuesday. 

Townsville Enterprise welcomes this decision and is urging the federal Treasurer, Queenslander, Jim Chalmers to give approval for the deal under the Financial Sector (shareholding) Act 1998 (FSSA) for ANZ to proceed with this acquisition, recognising its potential for job creation and economic growth within the Townsville North Queensland region. 

The Queensland Government still requires legislation to be passed through Parliament house for the transaction to formally occur.  

Under the terms of the deal, ANZ has made a commitment to refrain from closing any Suncorp branches in Queensland or implementing job cuts in the state for a minimum of three years. 

Townsville Enterprise CEO, Claudia Brumme-Smith highlighted the positive impacts this will have on the region.  

“Suncorp Insurance’s investment in Townsville North Queensland holds a new era of opportunities for our local workforce and will secure our economy,” Ms Brumme-Smith said.  

“This development marks a significant milestone for the region, paving the way for the $2 million employment hub to be established in Townsville North Queensland, which will strengthen the workforce by providing quality and stable employment.”  

"We fully support our Townsville Enterprise members - ANZ and Suncorp - and look forward to working with them throughout 2024.”  

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