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ANZ & ING Joint Venture - Supplementary Information

Document date:  Wed 10 Apr 2002
Published:  Wed 10 Apr 2002 13:44:40
Document No:  189075
Document part:  B
Market Flag:  N
Classification:  Progress Report

AUSTRALIA AND NEW ZEALAND BANKING GROUP       2002-04-10  ASX-SIGNAL-G

HOMEX - Melbourne                                                     

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ING AUSTRALIA BUSINESSES BEING CONTRIBUTED TO THE JOINT VENTURE

3.1 OVERVIEW OF ING

ING Group was founded in 1991 from the world's first major
bancassurance merger between The Netherlands' largest insurer and one
of its major banks. Since then, ING Group has experienced outstanding
growth both organically and through acquisition.

Today, ING Group is one of the world's largest investment, banking
and insurance groups with a market capitalisation of A$100 billion,
it has over 50 million customers, A$800 billion in assets under
management, 110,000 staff and operations in 65 countries.

Originally founded in 1878 as Mercantile Mutual, ING Australia joined
what is now ING Group in 1982 when The Netherlands' largest insurer
and founding ING Group company acquired 50%, followed by the
remaining 50% in 1987. Last year ING Australia successfully
transitioned its name from Mercantile Mutual to the global ING brand.

ING Australia is one of Australia's leading financial services groups
focussed on helping people grow and protect their wealth through
investment, superannuation, retirement income and life insurance
products and services. 

ING Australia has experienced strong growth over the last decade.
Today it has over 1 million customers and 1,500 staff. At the end of
2001, ING in Australia and New Zealand had total assets under
management of A$32.8 billion (including institutional and real
estate, which will not form part of the Joint Venture).

3.2 ING'S STRATEGY

ING GROUP'S GLOBAL STRATEGY

ING's mission is to be a client-focused, leading, global, innovative
and low-cost provider of financial services through the distribution
channels of the client's preference in markets where ING can create
shareholder value.

The retail wealth management focus globally is on helping people grow
and protect their wealth through investments, superannuation,
retirement incomes and life insurance products and services. These
products are manufactured and marketed by retail-focused companies,
which use the asset management services of ING's specialist
investment companies such as the global ING Investment Management
business.

Products and services are marketed through a broad range of channels
including independent and equity adviser networks, direct to
institutional clients and retail channels and bancassurance marketing
through affiliated banks or joint ventures with banks.

After several years of global acquisitions and rapid expansion, the
emphasis in the next few years will be on achieving optimal customer
satisfaction, consolidating ING's strengths and implementing
mandatory synergies, operational excellence and cost control.

ING AUSTRALIA'S STRATEGY

Prior to forming the Joint Venture with ANZ, the key strategies that
ING Australia was pursuing for the period 2002  2004 were: 

* Become a Top 5 financial services player in designated key markets
* Increase its share of high priority target markets (retirees,
  pre-retirees & SMEs) using tailored segment strategies

* Be recognised as a premier investment manager across a broad range
of asset classes and products

* Increase sales through profitable channels, substantially grow its
equity distribution and increase the number of distribution channels
n Increase product innovation and broaden its range of profitable
products

3.3 OVERVIEW OF ING BUSINESSES BEING CONTRIBUTED TO THE JOINT

VENTURE

ING businesses being contributed to the Joint Venture are its funds
management, superannuation and life insurance manufacturing and
distribution activities, including the funds management activities of
ING in New Zealand. The following businesses of ING Australia will
not be included in the Joint Venture:

* ING's general insurance interests (QBE Mercantile Mutual) and
related distribution operations

* ING retail banking operations (including ING Direct)

* ING Bank NV and wholesale and investment banking operations
formerly known as BBL and ING Barings

* ING Real Estate

* ING Investment Management

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