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On-Market Buy-Back of Ordinary Shares

Document date:  Wed 03 Nov 1999
Published:  Wed 03 Nov 1999 00:00:00
Document No:  154653
Document part:  A
Market Flag:  Y
Classification: 

HOMEX - Melbourne                                                     

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Australia and New Zealand Banking Group Limited announced today that
it had put in place an on market buyback scheme that will enable it
to buyback up to a total of 48 million ordinary shares.

The introduction of the buyback scheme reflects ANZ's continued focus
on active capital management.

The buyback period will commence on 18 November 1999 and is expected
to be completed by 17 November 2000. Shares which are bought back
under the scheme will be cancelled. ANZ is not obliged to acquire all
or any of the maximum number of shares under the buyback scheme.

Deutsche Securities Australia Limited and ABN Amro Equities Australia
Limited have been appointed as the brokers who will act on the
company's behalf for the buyback.

The effective management of capital is a priority for ANZ. The high
level of internal capital generated from strong earnings growth, the
implementation of risk reduction programs, and the preference share
issue, have all created a capital surplus for the Group. The on
market ordinary share buyback of up to $500 million, is the first
step in addressing surplus capital.

For media enquiries, contact:       For analyst enquiries, contact:
Paul Edwards                        David Ward
Tel: 03-9273 6955 or 0409-655 550   Tel: 03-9273 4185
edwardp12@anz.com                   david.ward@anz.com


J L Slatter
GROUP GENERAL COUNSEL & COMPANY SECRETARY

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