Business Services Industry
ANZ fires first shot in battle for Kiwi bank.
Australasian Business Intelligence, August, 2003
Aug 13, 2003 (The Age - ABIX via COMTEX)
The ANZ Banking Group has expressed an interest in acquiring the National Bank of New Zealand. The ANZ is the first of Australia's "big four" banks to lodge a submission for clearance for a takeover of the New Zealand bank with the New Zealand Commerce Commission. At least two other Australian banks, the Commonwealth Bank and Westpac Banking Corporation, are expected to express interest in acquiring the New Zealand bank, which has been valued at close to $A6bn. ANZ CEO John McFarlane also announced that the sale of up to $A1.25bn preference shares had been approved by shareholders.
Publication Date: 14 August 2003
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