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Strategic Alliance sees ANZ hold initial 10% of ETR

Document date:  Wed 25 Aug 1999
Published:  Wed 25 Aug 1999 00:00:00
Document No:  151424
Document part:  A
Market Flag:  Y
Classification: 

HOMEX - Melbourne                                                     

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ANZ today announced it held an initial 10% stake in E*TRADE Australia
following approval by E*TRADE Australia's shareholders in Sydney this
morning of a strategic alliance with ANZ.

Approval of the strategic alliance, announced in June 1999, allows
ANZ to be issued with further shares in E*TRADE Australia up to a
maximum of 40% of E*TRADE Australia's fully diluted share capital
based on the share of E*TRADE Australia's trade volume generated by
ANZ customers.

ANZ also now has representation on the Board of E*TRADE Australia
with ANZ Managing Director, Personal e-Commerce, Mr Satyendra
Chelvendra being appointed a Director of E*TRADE Australia today.

"ANZ is delighted the strategic alliance has been given such strong
support by E*TRADE Australia shareholders and we will immediately
begin a pilot of the co-branded ANZ E*TRADE Online Investing
service," Mr Chelvendra said.

"Our objective is to rapidly develop Australia's leading online share
trading and investment service and we expect to launch ANZ E*TRADE
Online Investing no later than 30 September," he said.

ANZ customers continue to adopt online financial services at
significant rates with over 50,000 customers now registered for ANZ
Internet Banking.

For media enquiries, please contact:

Paul Edwards 
Head of Media Relations 

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