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Organisational changes

Document date:  Wed 05 May 1999
Published:  Wed 05 May 1999 00:00:00
Document No:  148216
Document part:  A
Market Flag:  Y
Classification: 

HOMEX - Melbourne                                                     

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MEDIA RELEASE

ANZ today announced changes to its organisational structure and
senior management team to align the organisation with ANZ's new
vision and strategy.

ANZ Chief Executive Officer, Mr John McFarlane said: "We believe this
very focussed strategy and structure will enable us to enhance our
reputation as an organisation that delivers consistently on our
promises to our shareholders, to our customers and to our staff."

"The new structure is designed to simplify the organisation and to
create exclusive focus on each of ANZ's strategic business
priorities," Mr McFarlane said.

ANZ's strategic business priorities are:

* To accelerate growth in our domestic personal financial services
  businesses, particularly funds management by harnessing our
  distribution power.

* To build on our strong market position in the corporate sector to
  grow fee-based services, continue to reduce risk and improve return
  on assets.

* To simplify our international network and improve returns by
  focusing on Asia and the Pacific, by continuing to reduce risk and 
  by selectively investing in growth franchises.

* Swiftly build a leading e-commerce presence.

Going forward, ANZ will be organised around these priorities into
four business divisions - Personal Financial Services, Corporate
Financial Services, International, and Technology, E-Commerce and
Payments.

PERSONAL FINANCIAL SERVICES

This division under Peter Hawkins, will bring together all of the
businesses which serve personal and small business customers in
Australia and New Zealand, including Insurance, Retail Funds
Management and Personal E- commerce. It will also oversee the Global
Cards business.

CORPORATE FINANCIAL SERVICES

This division will bring together all of the businesses that serve
corporate customers in Australia and New Zealand, principally
Business Banking, ANZ Investment Bank, Asset Finance, Asset
Management and Corporate E-commerce. The specialised businesses of
ANZ Investment Bank, Asset Finance and International Services will
continue to be run globally. The head of Corporate Financial Services
is yet to be appointed and, in the interim, the Managing Directors of
the individual businesses will continue to report to the Chief
Executive Officer.

INTERNATIONAL

This division under Elmer Funke Kupper, will manage ANZ's
international network outside Australia and New Zealand (except
Europe and United States which remain part of ANZ Investment Bank).
It will also have direct responsibility for International Private
Banking, and shared responsibility for global businesses in its
countries. The current global business line linkage for personal and
business banking will be maintained, but at the division level and
not at the Group level as before. Mr Funke Kupper will also become
Managing Director of ANZ Grindlays Bank Limited. He was formally
Group General Manager Risk Management.

Mr Funke Kupper will take up his new responsibilities progressively
pending a new senior appointment to Group Risk Management which is
expected to be announced shortly. (A short biographical note on Mr
Funke Kupper is provided below.)

TECHNOLOGY, E-COMMERCE AND PAYMENTS

This division under David Boyles will oversee all technology
infrastructure and systems development, manage the payments business,
and guide strategy for E-commerce as Chairman of ANZ's E-commerce
Board.

Supporting changes involve the devolution of operations and support
activities to each of the business divisions, creating a lean
corporate centre in the process. At the same time, we will upgrade
strategic and financial management processes at the Group level, to
improve the balance of our business mix, to drive down costs, lower
risk, improve capital efficiency and to improve return on assets.

This will be led by the Chief Financial Officer, Peter Marriott
together with the head of People and Corporate Affairs, Elizabeth
Proust; the head of Group Strategy, Alison Watkins; and the head of
the CEOs Office, David Ward, all continuing to report to the Chief
Executive Officer.

In implementing a greater degree of decentralisation, ANZ continues
to maintain strategic oversight of certain activities at the Group
level. Peter Jonson will become Chairman of ANZ Funds Management. Dr
Jonson, and the Chief Executive in New Zealand, Murray Horn, will
continue to report to the Chief Executive Officer.

For media enquiries, please contact:

Paul Edwards
Head of Group Media Relations

BIOGRAPHICAL NOTE - MR ELMER FUNKE KUPPER

Mr Funke Kupper was previously ANZ Group General Manager Risk
Management responsible for the integrity and improvement of Group
risk management, including rebalancing ANZ's international lending
portfolio. He has also led the strategic review examining ANZ's
international strategy.

Prior to joining ANZ in 1995, Mr Funke Kupper held management
consultancy roles with Mitchell Madison Group and McKinsey & Company
in Europe.

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