(Updates with details about the deal in paragraph 2, background about Suncorp buyout in 3, 4)
June 16 (Reuters) - ANZ Group (ANZ) said on Friday it signed an agreement with the Queensland government to establish a technology hub in Brisbane.
The new tech hub plans to hire about 700 people over a five-year period, with ANZ's commitments being conditional on completion of its Suncorp Group acquisition.
ANZ has been struggling with regulatory scrutiny over its acquisition of Suncorp Group's banking arm.
The competition regulator said in April it was unconvinced the buyout will bring public benefits.
Separately, the insurer also reaffirmed its commitment to the Queensland government through an agreed jobs and investment package worth A$25 million ($17.20 million).
($1 = 1.4533 Australian dollars)
News: ANZ UPDATE 1-ANZ signs agreement with Queensland government to establish tech hub in Brisbane
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