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Signs Memorandum of Understanding with ING

Document date:  Thu 17 Jan 2002
Published:  Thu 17 Jan 2002 15:38:38
Document No:  186187
Document part:  A
Market Flag:  Y
Classification:  Other


HOMEX - Melbourne                                                     

ANZ today announced that it has entered into a Memorandum of
Understanding with ING to establish a joint venture in funds
management and life insurance in Australia and New Zealand.

The joint venture would include ING's Australian and New Zealand
Funds Management and Life Insurance businesses and ANZ Investments.

The joint venture, to be known as ING Australia Limited, would be
owned 51% by ING and 49% by ANZ, with ANZ and ING having an equal say
in decisions which impact the strategic direction of the joint

The joint venture would become the supplier of funds management and
insurance products to ANZ's corporate and personal businesses. It
would outsource investment management activities to ING Investment
Management, which would acquire ANZ's Asset Management business in
Australia. It would manufacture, market and service products under
the ING brand for distribution through professional advisor networks
and under the ANZ brand for distribution through ANZ bank channels.

For clarification, the following would not be included in the
proposed joint venture: ANZ's distribution businesses and financial
planners, Trustees and Lenders Mortgage Insurance. ING's businesses
not included are its Australian general insurance interests, ING
Investment Management, ING Real Estate, and ING's banking operations
including ING Direct.

ANZ's Chief Executive Officer, John McFarlane, said, "a joint venture
with ING would give ANZ a strategic position in the rapidly growing
wealth management industry and create the number four retail funds
management business in Australia. Together, we would create a new
platform with growth prospects both organically and by acquisition".

"A partnership with a global player with proven capability in
bancassurance such as ING will materially accelerate the marketing of
quality products to our customers and the further development of our
wealth management distribution businesses," he said.

ANZ does not anticipate that the joint venture will require a capital
raising. The proposed joint venture is subject to due diligence,
legal documentation and necessary regulatory approvals.

ANZ expects to make a full announcement regarding the proposed joint
venture in early March. It is not anticipated that further comment
will be made about the proposed joint venture until that time.

For media enquiries, contact:
Rita Zonius
Tel: 03-9273 6955 or 0409-655 551

For analyst enquiries, contact:
Stephen Higgins
Ph: (03) 9273 4282 or 0417 379 170