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Media Rel:Latin American Business Transferred to New York

Document date:  Fri 14 May 1999
Published:  Fri 14 May 1999 00:00:00
Document No:  148521
Document part:  A
Market Flag:  N

HOMEX - Melbourne                                                     

ANZ today announced it would transfer responsibility for Latin
American business to its New York office resulting in the closure of
ANZ's five representative offices in Latin America.

The announcement follows ANZ's recent decision to simplify its
international network, reduce its risk profile and improve returns.

ANZ will continue to provide trade and structured finance services in
the region for its Australian and New Zealand clients and other major
multinational clients in its international network. These services
will be provided as part of ANZ Investment Bank's operations in New
York and some key staff from the Latin American offices will relocate
to New York to manage the ongoing business.

The change means that ANZ will close its representative offices in
Buenos Aires in Argentina, Rio de Janeiro and Sao Paulo in Brazil,
Santiago in Chile, and Mexico City in Mexico, and will centralise its
Latin American operations in New York.

ANZ Head of International, Mr Elmer Funke Kupper said the changes
were part of a strategy to simplify ANZ's international network by
focusing on its core markets and customers.

"ANZ has progressively rebalanced its Latin American exposures to
reduce risk and we will now concentrate on servicing the trade and
structured finance needs of our major multinational clients in the
region," he said.

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Paul Edwards