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ANZ PULLS AHEAD IN SCRAMBLE FOR NATIONAL BANK OF NEW ZEALAND.
AsiaPulse News, September, 2003
SYDNEY, Sept 12 Asia Pulse - ANZ Banking Group Ltd (ASX:ANZ) has emerged the clear Australian frontrunner in the $A6 billion ($US3.94 billion) race for National Bank of New Zealand, after Westpac Banking Corp (ASX:WBC) bowed out suddenly today.
Westpac said it was withdrawing its application with the New Zealand Commerce Commission (NZCC), which it said had given no indication of whether it would approve the deal.
"The decision was made not to proceed further as Westpac considers it would be diverting from its core organic growth strategy at this time," the bank said in a statement.
"As the biggest bank in New Zealand, Westpac will continue to focus on its existing customer base and its organic growth strategy," it said.
ANZ is the only...
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