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Makes Formal Offer to Acquier NAB Branches

Document date:  Tue 09 Apr 2002
Published:  Tue 09 Apr 2002 12:17:36
Document No:  189026
Document part:  A
Market Flag:  Y
Classification:  Asset Acquisition

AUSTRALIA AND NEW ZEALAND BANKING GROUP       2002-04-09  ASX-SIGNAL-G

HOMEX - Melbourne                                                     

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MEDIA RELEASE 

ANZ today announced it had made a formal offer to National Australia
Bank to acquire at book value the 56 rural branches planned for
closure.

The offer covers the agencies earmarked by National Australia Bank on
8 April 2002 for closure. It includes the agency premises, staff and
customers in those communities. The offer is subject to limited due
diligence.

ANZ Chief Executive Officer Mr John McFarlane said ANZ was serious
about its commitment face-to-face banking services in rural
Australia.

"We have put a firm offer on the table to acquire all of the branches
that National plans to close, including part-time branches. Since
they are being closed, the offer allows National to exit at no cost
to them but at a big gain to the community," Mr McFarlane said.

"If this is to succeed it is absolutely essential we get community
support to bank with ANZ and to use these branches.

"Our move is part of a real commitment to putting the interests of
customers first and in earning the trust of the community. It is
bringing alive real competition in Australian banking," he said.

For media enquiries contact:

Paul Edwards
Head of Group Media Relations
Tel: 03-9273 6955 or 0409-655 550
Email edwardp12@anz.com