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ANZ & OCBC Bank appoint joint venture CEO

Document date:  Tue 19 Dec 2000
Published:  Tue 19 Dec 2000 13:32:44
Document No:  171455
Document part:  A
Market Flag:  Y
Classification:  Other


HOMEX - Melbourne                                                     

Australia and New Zealand Banking Group Limited (ANZ) and
Oversea-Chinese Banking Corporation Limited (OCBC Bank) today
announced the appointment of Mr Edmund Koh as Chief Executive Officer
of the ANZ-OCBC Bank joint venture to create a web-led bank with a
regional network. Mr Koh will take up the position on 8 January 2001.

Mr Koh joins the joint venture from Prudential Assurance Corporation,
Singapore, where he is currently the Chief Executive Officer. Prior
to that, he held a number of significant roles at Citibank Singapore
from 1994 to June 1999, including Vice President and Customer
Franchise Director, General Manager Credit Payment Products, and Vice
President and Director of Marketing.

Mr Koh is also a director of the Housing Development Board, Singapore
Totalisator Board, SNP Limited and the National Youth Achievement
Award Council. He is a graduate of the University of Toronto.

Mr Alex Au, Chairman of the ANZ-OCBC joint venture, and Vice-Chairman
and Chief Executive Officer of OCBC Bank, said that Mr Koh would
certainly bring the necessary in-depth regional experience to the

"With his knowledge and understanding of regional markets and
consumers, he will lead the development and implementation of the
venture's unique service proposition and help build a leading
regional brand. We are delighted that he is joining us," said Mr Au.

"Design and development of the Bank is well underway, with senior
personnel from ANZ and OCBC Bank currently leading the market
positioning, technical, operational and legal requirement work.
Progress and development will escalate to new levels with Mr Koh's
appointment," he said.

In July this year, ANZ and OCBC Bank announced a joint venture to
develop a web-led bank with a regional network, targeting the 40
million 'wired affluent' consumers that are expected in Asia by 2005.

The partnership is a powerful combination of the best of two leading
banks - OCBC Bank's regional network, market knowledge and e-commerce
focus, and ANZ's expertise in technology, e-commerce and alliance

Headquartered in Singapore, the joint venture will be separately
branded to reflect the unique customer proposition that will be
offered. The service will be launched in the second quarter of 2001.


ANZ is a financial services company with four million retail and
business customers in Australia, New Zealand and Asia Pacific and
total assets of approximately US$93.5 billion (AUD$172.5 billion) and
market capitalisation of US$11.8 billion (AUD$21.8 billion). 

ANZ has a presence in 22 countries in Asia Pacific, Europe and
America, in addition to its main domestic markets of Australia and
New Zealand. These countries are China (including Hong Kong SAR),
Cook Islands, East Timor, Fiji, France, Germany, Indonesia, Japan,
Malaysia, Papua New Guinea, Philippines, Samoa, Singapore, Solomon
Islands, South Korea, Taiwan, Thailand, Tonga, Vanuatu, Vietnam,
United Kingdom and the United States of America (including American

In Australia and New Zealand, ANZ is a leader in personal e-commerce
with more than 450,000 customers using Internet Banking and a
strategic alliance with E*TRADE to provide online broking services.

ANZ is also a leader in business to business e-commerce through its
electronic transaction products ANZ Online and FX Online. ANZ
launched Australia's first secure internet payments Gateway, ANZ
e-Gate, and joined forces with a number of leading corporations to
create corProcure, a new procurement venture.


With total assets of S$54 billion, and a staff force of 5,900 in 90
branches and representative offices in 13 countries, OCBC Bank (which
was founded in 1932) now ranks as one of the largest banks
incorporated in Singapore. In 1999, it reported a profit attributable
to shareholders of S$690 million.

OCBC Bank's mission is to be a world-class financial institution in
Asia Pacific. This it seeks to achieve by the provision of superior
customer service, particularly through the use of technology. A
leading eCommerce financial player, OCBC Bank owns Bank of Singapore
Limited (BOS), which is positioned to pursue global innovative
eCommerce initiatives in the buyer-advocate space. BOS comprises, the consumer division,, a financial and
business solutions hub and eVentures, a venture investment arm. In
addition, OCBC Bank has a joint venture with Australia and New
Zealand Banking Group Limited to create Asia's premier internet bank.

For media enquiries contact:

Paul Edwards                        Dawn Lim
ANZ                                 OCBC Bank
Tel:   (61) 3-9273 6955 or          Tel: (65) 530 1531
       (61) 409-655 550