Salomon Smith Barney to Acquire ANZ Retail Stockbroking Bus.
Mon 06 Sep 1999
Published: Mon 06 Sep 1999 00:00:00
Document No: 151835
Document part: A
Market Flag: Y
HOMEX - Melbourne +++++++++++++++++++++++++ Salomon Smith Barney Australia (SSB) is to acquire the retail stockbroking business of Australia and New Zealand Banking Group Limited (ANZ). Jointly announcing the transaction, SSB and ANZ said their agreement represented a "win-win" for both organisations, for their customers and for their staff. All 115 employees of ANZ's retail stockbroking business will transfer to SSB. The transaction is expected be completed on 30 September 1999. Managing Director and Head of Equities for SSB, Malcolm Sinclair, said the agreement was a significant step towards achieving SSB's goal of providing a fully-fledged retail stockbroking service in Australia. "This acquisition broadens our distribution channels, by adding a significant retail component to our existing wholesale and institutional reach," Mr Sinclair said. "We will now have a retail presence in every mainland state of Australia, with offices in Melbourne, Sydney, Adelaide, Brisbane, Perth and the Gold Coast. "This presence will complement SSB's growing international retail capabilities, which are leveraging off its market leading position in retail in North America." "The acquisition also brings significant skills and expertise into our business. SSB's long-term commitment, as a member of Citigroup, to develop the significant opportunities in the retail market provides substantial scope for new and existing SSB staff," Mr Sinclair said. ANZ Investment Bank Managing Director, Grahame Miller, said ANZ had been pursuing a strategy of developing its full service stockbroking capability for retail customers. Following an approach from SSB, however, it had carefully reviewed the business and decided that it was in the best long-term interests of ANZ's private client stockbroking customers and staff for the business to be developed by a dedicated global stockbroker. "With SSB's rapidly developing retail business, it became clear that in the future our customers' full service stockbroking needs would be better met through the services of a specialised global stockbroker with access to a broad range of equity based investment products and research," Mr Miller said. "In considering the approach, we were also conscious that being a larger international stockbroker SSB offered our strong team of stockbroking specialists increased potential to develop their careers," he said. For media inquiries, please contact: Stephen Mills Director, Public Affairs, Citigroup Australia Tel: 02-9239 9886 or 0411-209 583 Paul Edwards Head of Media Relations, ANZ 1