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Acquires PIBA Residential Mortgage Business

Document date:  Fri 21 Aug 1998
Published:  Fri 21 Aug 1998 00:00:00
Document No:  140214
Document part:  A
Market Flag:  Y

HOMEX - Melbourne                                                     

ANZ today announced the acquisition of the Primary Industry Bank of
Australia's (PIBA's) residential mortgage business from Rabobank
Group, consolidating ANZ's number two position in new home loan

PIBA's residential mortgage business includes a $1.5 billion
residential mortgage portfolio and wholesale mortgage funding
operation, and strong links to a network of over 20 independent
mortgage originators.

ANZ Global Head Of Personal Banking, Mr Peter Hawkins said the
acquisition was part of ANZ's strategy to rebalance its business
portfolio by accelerating growth in consumer banking.

"The acquisition will be earnings positive from year one and provides
a strong strategic fit, expanding ANZ's mortgage writing capability
into a new market segment," Mr Hawkins said.

"PIBA's management and staff are already successful in providing
wholesale funding to mortgage originators, who in turn have a track
record in developing and maintaining relationships with customers.

"Under ANZ ownership, we intend to foster and build on PIBA's success
and that of its origination network, including investing in the
business to introduce systems enhancements and new originators to the
program," be said.

As part of the acquisition, PIBA's current management and staff will
be retained and the business will remain. headquartered in Sydney,
operating as an autonomous division of ANZ's Mortgages group. The
acquisition is expected to be settled in October 1998.

For media enquiries, please contact:

P Edwards