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To acquire Bank of Hawaii`s PNG/Vanuatu & Fiji operations

Document date:  Thu 04 Oct 2001
Published:  Thu 04 Oct 2001 13:49:52
Document No:  182044
Document part:  A
Market Flag:  Y
Classification:  Asset Acquisition

AUSTRALIA AND NEW ZEALAND BANKING GROUP       2001-10-04  ASX-SIGNAL-G

HOMEX - Melbourne                                                     

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ANZ today announced it had agreed to acquire the Bank of Hawaii's
operations in Papua New Guinea, Vanuatu and Fiji further
consolidating ANZ's leading position in retail and commercial banking
in the Pacific region.

The consideration of approximately A$100 million in cash includes
total assets of about A$350 million with the acquisition expected to
be earnings per share neutral for ANZ in year one and positive in
year two. The acquired business operates from two branches in Papua
New Guinea, two in Vanuatu and three in Fiji. ANZ expects to complete
the Bank of Hawaii acquisition by the end of this year, subject to
regulatory approvals.

ANZ Group Managing Director Subsidiaries & International Mr Elmer
Funke Kupper said the acquisition moved ANZ closer to its ambition to
double the size of its Pacific business.

"The acquisition consolidates an important year of strategic growth
for ANZ in the Pacific. We have extended our presence with operations
in three new countries - American Samoa, East Timor and Kiribati.
This acquisition strengthens our existing business by cementing ANZ's
leadership positions in Papua New Guinea, Vanuatu and Fiji.

"Together these moves provide a strong platform for further growth in
the Pacific - organically in our existing markets and through
potential acquisitions in new geographies.

"We are pleased to have been able to acquire businesses of Bank of
Hawaii's quality and our growth strategy for the Pacific reflects our
confidence in the region's future," Mr Funke said.

Mr Richard Dahl, President of Pacific Century Financial Corporation -
the financial services company of which Bank of Hawaii is a
subsidiary - said ANZ's knowledge of the Pacific region made it the
ideal bank to manage the PNG, Fiji and Vanuatu operations.

"ANZ's long-standing leadership and strategic commitment to the
Pacific makes it a very qualified purchaser of our businesses. Bank
of Hawaii will assist with the sale process to the fullest extent to
ensure a smooth transition for employees and customers," he said.

ANZ's Pacific business includes operations in the Cook Islands, East
Timor, Fiji, Papua New Guinea, Solomon Islands, Samoa, American
Samoa, Tonga, Vanuatu and Kiribati.

For media enquiries, contact:

Paul Edwards, 
HEAD OF GROUP MEDIA RELATIONS 
Tel: 03-9273 6955 or
0409-655 550 (mobile) 
Email edwardp12@anz.com