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ANZ Panin to acquire Indonesian credit card business

Document date:  Mon 03 May 1999
Published:  Mon 03 May 1999 00:00:00
Document No:  148187
Document part:  A
Market Flag:  Y

HOMEX - Melbourne                                                     


PT ANZ Panin Bank today announced that it had agreed to acquire the
credit card receivables and operations of PT Bank Papan Sejahtera
from the Indonesian Bank Restructuring Agency for approximately A$7

Bank Papan's credit card business includes a state of the art
technology platform consistent with ANZ's card operating platform in
Australia, over 47,000 card accounts and staff with significant
credit card experience.

ANZ Managing Director Global Cards, Mr Charles Carbonaro, said: "We
are pleased to build on our existing involvement in Indonesia."

Bank Papan was one of 38 banks taken over by the Indonesian
Government in March 1999. The acquisition follows a tender process
conducted by the Indonesian Bank Restructuring Agency.

For media enquiries, please contact:

Paul Edwards 
Head of Media Relations