Progress in ANZ-NHB dispute

Document date:  Wed 18 Apr 2001
Published:  Wed 18 Apr 2001 14:58:44
Document No:  175712
Document part:  A
Market Flag:  N
Classification:  Progress Report 

AUSTRALIA AND NEW ZEALAND BANKING GROUP       2001-04-18  ASX-SIGNAL-G

HOMEX - Melbourne                                                     

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ANZ today confirmed that the Supreme Court of India had adjourned
Grindlays appeal concerning the dispute with the National Housing
Bank (NHB) until July/August 2001 as a result of the Court's Summer
Recess.

Introductory remarks on the case, originally scheduled for 10 April
2001, were heard by the Supreme Court of India in Delhi yesterday.

The commencement of the case follows offers by ANZ of a commercial
settlement based on a 50-50 compromise over the disputed amount of
INR15.3 billion (A$596 million*). During settlement discussions with
NHB, no meaningful response was received from NHB. ANZ continues to
believe that a fair commercial settlement is in the interests of both
parties.

ANZ is fully prepared for the appeal to the Supreme Court and remains
confident of its case.

FOR MEDIA ENQUIRIES, CONTACT:

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