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Esanda Acquires 10% Stake in Auto Group

Document date:  Wed 08 Sep 1999
Published:  Wed 08 Sep 1999 00:00:00
Document No:  151944
Document part:  A
Market Flag:  Y

HOMEX - Melbourne                                                     

Esanda today announced that it had acquired a 10% stake in
Australia's largest automotive auction group, Auto Group Limited.

Auto Group operates throughout Australia, providing automotive
auction services for large companies, finance companies and
governments. Auto Group also has an expanding e-commerce presence
through and its role as a content provider for
leading portal sites such as AOL, Ozemail and Bigpond.

Esanda Managing Director, Mr Peter McMahon, said the investment
enhanced Esanda's position in the automotive industry as well as
complementing its developing e-commerce capability.

"We are already the leading provider of finance for on-line car loans
and are looking to increase involvement in related on-line fields
including developing an online 'matchmaker' service for car sales
using Esanda's 650 strong accredited dealer network. We see this as
enhancing the value we provide to our dealer network," he said.

Esanda is the asset finance arm of Australia and New Zealand Banking
Group Limited.

For media enquiries, please contact:

Paul Edwards 
Head of Group Media Relations 
Tel: 03-9273 6955 or 0409-655 550