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ANZ Securities to focus on retail stockbroking

Document date:  Tue 20 Oct 1998
Published:  Tue 20 Oct 1998 00:00:00
Document No:  142082
Document part:  A
Market Flag:  N
Classification: 

HOMEX - Melbourne                                                     

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ANZ today announced that it would re-focus its stockbroking
operation, ANZ Securities, on the development of the private client
stockbroking business and the established niche businesses of
derivatives and futures. As part of the new focus, ANZ will withdraw
from full service institutional broking globally.

The new focus reflects closer linkages with ANZ's Australian customer
base through a commitment to retaining and further developing the
quality private client stockbroking operation, including margin
lending. The private client operation will continue to be known as
ANZ Stockbroking.

ANZ will maintain its specialist equity derivatives niches including
options, futures and the clearing services joint-venture, ANZ
MeesPierson Clearing Services. ANZ holds leading positions in these
segments and they offer attractive growth potential. ANZ will also
maintain its strategy to provide investment banking clients with
integrated debt and equity solutions by combining ANZ Securities'
corporate finance capabilities with existing advisory activities in
ANZ Investment Bank.

Back office, research and support functions will be restructured in
line with the revised scale of the business. The new structure, to be
progressively implemented from 29 October 1998, will involve a
reduction of 154 positions globally.

ANZ Investment Bank Managing Director, Mr Grahame Miller, said recent
changes, including the consolidation of the broking industry and the
downturn in world equity markets, required a realignment of the
business to better leverage ANZ Securities' strengths and the Group's
customer franchise.

"The retail focus for the business allows us to retain and build
stockbroking as part of ANZ's overall financial service offering to
customers at an acceptable return," Mr Miller said.

For media enquiries, please contact:

Paul Edwards 
Head of Group Media Relations 
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