Acquires Majority Interest in Bank of Kiribati

Document date:  Mon 01 Oct 2001
Published:  Mon 01 Oct 2001 11:05:14
Document No:  181882
Document part:  A
Market Flag:  Y
Classification:  Asset Acquisition 

AUSTRALIA AND NEW ZEALAND BANKING GROUP       2001-10-01  ASX-SIGNAL-G

HOMEX - Melbourne                                                     

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MEDIA RELEASE

ANZ today announced it has acquired a majority interest in the Bank
of Kiribati Ltd, consolidating its position as the leading bank in
the Pacific.

ANZ purchased 75% of the Bank of Kiribati from the Kiribati
Government who will retain a 25% interest. ANZ will commence
operations in Kiribati on 1 October 2001.

ANZ General Manager Pacific Mr Bob Lyon said the agreement would
increase ANZ's presence in the Pacific from nine to ten countries and
reinforced ANZ's commitment to the region.

"The Bank of Kiribati is the only bank in Kiribati and gives ANZ the
opportunity to provide modern banking facilities to local customers,"
Mr Lyon said.

"ANZ's experience in trade, business banking and electronic banking
will add value to Kiribati and assist in developing trade and
investment flows in the region," he said.

The Pacific is an important region for ANZ where it has leading
market positions in consumer and business banking.

The Republic of Kiribati is located on the equator and comprises the
Line and the Phoenix groups, Gilbert Islands group and Banaba. The
territorial waters of Kiribati occupy an area of 3.5 million square
kilometres of the Pacific Ocean. It is home to approximately 85,000
Micronesian people, 36,000 of whom reside on the main island of
Tarawa.

Bank of Kiribati has four branches - three on Tarawa and one on
Kiritimati Island.

For media enquiries, please contact:

Rita Zonius
MEDIA RELATIONS MANAGER
Tel: 03-9273 6955 or 0409-655 551
Email: zoniusr@anz.com