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Technical Services Agreement with Panin Bank

Document date:  Mon 01 Feb 1999
Published:  Mon 01 Feb 1999 00:00:00
Document No:  145142
Document part:  A
Market Flag:  Y

HOMEX - Melbourne                                                     


ANZ and Panin Bank today announced they had entered into a Technical
Services Agreement. PT Pan Indonesia (Panin) Bank is Indonesia's
ninth largest private commercial bank.

Under the Technical Services Agreement, ANZ will provide support to
Panin Bank in a number of areas including human resources,
information technology, international trade and risk management.

This builds on an already close relationship established in 1993
through ANZ's 85% owned joint venture, PT ANZ Panin Bank. ANZ also
has a holding of 4.9% of the ordinary shares in Panin Bank which it
purchased on-market at a cost of US$3 million. In addition, ANZ holds
options to purchase a further 19.5% of Panin Bank.

<~>ly recognised as one of Indonesia's strongest and

more conservatively managed banks. Panin Bank raised US$37 million
through a successful rights issue in August 1998 and the relative
capital strength of the bank, despite the significant adverse
economic conditions, has been underlined by the Category A grading
received from the sector-wide financial review recently concluded by
the Central Bank.

ANZ Chief Executive Officer, Mr John McFarlane said "We are pleased
to build on our involvement with Panin Bank, which has emerged from
the recent international review as one of the strongest of the large
commercial banks in Indonesia. We believe that Panin is well
positioned to play an important role in the development of a
healthier and leaner Indonesian banking system and we trust that ANZ
can add its expertise to Panin's local knowledge in order to exploit
these opportunities."

For media enquiries, please contact:

Paul Edwards 
Head of Group Media Relations