Skip to content

Media Release: Completes investment banking restructuring

Document date:  Thu 29 Oct 1998
Published:  Thu 29 Oct 1998 00:00:00
Document No:  142479
Document part:  A
Market Flag:  Y

HOMEX - Melbourne                                                     

Following recent announcements to cease proprietary trading
world-wide and withdraw from institutional stockbroking, ANZ today
announced the closure of its London-based capital markets operations
and the intention to relocate the headquarters of ANZ Investment Bank
back to Australia.

ANZ's London operations will continue to be active in foreign
exchange, derivatives, debt origination and securitisation, and
structured and project finance. The changes announced today do not
affect ANZ's investment banking activities in its main franchise
markets of Australia, New Zealand and Asia.

ANZ investment Bank Managing Director, Mr Grahame Miller said the
decision followed an extensive review of the Investment Bank's
markets operations conducted after recent losses and continuing
difficult conditions in emerging markets.

The costs of withdrawal from discontinued investment banking
businesses will be taken as an abnormal charge in the financial year
ending 30 September 1998, including a write down of the residual
emerging market bond investment portfolio. ANZ's Annual Results will
be announced on 4 November 1998.

ANZ Chief Executive Officer Mr John McFarlane said: "These decisions
are designed to put the investment banking issues behind us and
continue the repositioning of ANZ towards a more customer orientated
and lower risk business".

For media enquiries, please contact:

Paul Edwards
Head of Group Media Relations