The Commonwealth Bank will establish a technology hub in Adelaide creating 150 jobs within the next five years.
The new centre will be based in Adelaide's Lot Fourteen's Entrepreneur and Innovation Centre, on the site of the old Royal Adelaide Hospital.
It will employ and train skilled technology staff, including software engineers, data scientists and cyber security specialists.
South Australian Steven Marshall said the state's reputation as a centre for hi-tech industries was now recognised around the world.
"Lot Fourteen has turned into a beacon for global and leading Australian companies," he said.
"South Australia's reputation for building a hi-tech ecosystem that connects global companies with some of the best in artificial intelligence, machine learning, data analytics and cyber security has created an enviable innovation environment."
Commonwealth Bank spokesman Brendan Hopper said South Australia and Lot Fourteen would complement the bank's technology expertise.
"South Australia's focus on artificial intelligence, data and cyber security are particularly aligned with the skills we see CBA and Australia needing to develop as we move towards a more digital economy," Mr Hopper said.
"We believe that the collaborative environment at Lot Fourteen has incredible potential to encourage innovation and spark inspiration between different teams, organisations and sectors."
CBA will initially take up a whole floor in the newly refurbished Eleanor Harrald Building until 2024 when they will move to the yet to be completed Entrepreneur and Innovation Centre.
