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Sells St George shareholding

Document date:  Thu 08 Mar 2001
Published:  Thu 08 Mar 2001 16:31:12
Document No:  174162
Document part:  A
Market Flag:  Y
Classification:  Security holder details - Other

AUSTRALIA & NEW ZEALAND BANKING GROUP LI      2001-03-08  ASX-SIGNAL-G

HOMEX - Melbourne                                                     

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ANZ today announced it had sold its interest in St George Bank
Limited resulting in a profit before tax of approximately 
$95 million.

ANZ has sold its holding of 28 million shares in St George to
Deutsche Bank Securities Limited and will exercise approximately 
6 million Sell Back Rights that have been issued by St George under
its Share Buy Back program.

ANZ Chief Executive Officer Mr John McFarlane said "Whist we hold 
St George in high regard, this investment is no longer central to our
growth strategy".

"Our focus is on organic growth, investing in a number of current and
new high-growth opportunities that we have identified. As always, the
option remains for us to participate in any industry consolidation,
should that be in our shareholders' interests at the time," said 
Mr McFarlane.

"The sale realises good value for shareholders, and is consistent
with ANZ's specialist business strategy that is increasingly
differentiating us from our competitors," he said.


For media enquiries, please contact:

Paul Edwards 
HEAD OF GROUP MEDIA RELATIONS 
Tel:   03-9273 6955 or 0409-655550 
Email: edwardp12@anz.com