Business Services Industry
Biggest bank in NZ - ANZ shells out $4.92bn for NBNZ.
Australasian Business Intelligence, October, 2003
Oct 24, 2003 (The Daily Telegraph - ABIX via COMTEX)
ANZ Banking Group has secured a deal to acquire the National Bank of New Zealand (NBNZ). The purchase price will be $A4.92bn, and it will be financed via cash reserves, a debt facility and a rights issue worth $A3.6bn. NBNZ is being sold by the UK-based Lloyds TSB Group, which will also be paid a dividend of $NZ575m ($A502m) from the New Zealand bank prior to the sale's conclusion. ANZ's market share in New Zealand will now be about 35 per cent, making it the third-largest company in New Zealand. ANZ may seek to list on the New Zealand stock exchange, but this is unlikely to occur for several years.
Publication Date: 25 October 2003
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