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ANZ to Launch Tracking Shares in New Zealand

Document date:  Tue 07 Sep 1999
Published:  Tue 07 Sep 1999 00:00:00
Document No:  151918
Document part:  A
Market Flag:  Y

HOMEX - Melbourne                                                     

ANZ today announced it planned to undertake a public offering of
securities in New Zealand creating a new opportunity for New
Zealanders to invest in ANZ.

The new ANZ securities will be denominated in New Zealand dollars and
are designed to track ANZ's share price, and pay an income
distribution equivalent to the dividend ANZ pays on its ordinary
shares and to carry New Zealand imputation credits.

ANZ Managing Director New Zealand, Dr Murray Horn said fifteen
percent of ANZ's Group profit came from New Zealand, but only three
percent of shares were owned directly by New Zealanders.

"The new securities will give ANZ customers and staff a better
opportunity to own part of their bank, and benefit from its
performance," Dr Horn said.

It is ANZ's intention to offer priority allocations to shareholders.
The issue, which is subject to obtaining regulatory approval, is
expected to take place in the first quarter of calendar 2000.

ANZ has engaged Merrill Lynch and J B Were to assist in the final
development of the new issue.

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Samantha Shaw                         Paul Edwards
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