But questions remain about how a string of commitments to the state, which include job pledges along with the headquarters law, will be enforced.
ANZ and Suncorp have overcome the first hurdle in clearing a $4.9 billion sale of the Brisbane-based group’s banking division, securing Queensland government support in exchange for job pledges and a binding headquarters deal.
A third hurdle was convincing the state to change a law binding Suncorp’s bank to Queensland, which flowed upwards to the head entity. The law, which includes requiring the managing director to live in the state, comes from Suncorp’s creation from private and public companies in 1996. The current law retains clauses such as the “principal operational offices” for areas including “account processing” be based in Queensland. But bureaucrats in 2012 identified applying these laws as “problematic”, such as with insurance “policies” not being “accounts”, according to right to information documents.
ANZ chief executive Shayne Elliott said he welcomed the constructive approach of the government to growing the technology sector in the state.
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