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Salomon Smith Barney to Acquire ANZ Retail Stockbroking Bus.

Document date:  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

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

"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