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Signs cooperationagmtwithChina`sShanghaiRuralCreditCoopUnion

Document date:  Tue 01 Apr 2003
Published:  Tue 01 Apr 2003 14:45:36
Document No:  202806
Document part:  A
Market Flag:  Y
Classification:  Progress Report - Other


HOMEX - Melbourne                                                     

ANZ today announced it had signed a cooperation agreement with the
Shanghai Rural Credit Cooperative Union.

The cooperation agreement establishes a framework for ANZ and the
Shanghai Rural Credit Cooperative Union to exchange information with
the aim of identifying specific areas of possible cooperation in the

The Shanghai Rural Credit Cooperative Union is a regional financial
group reporting to the Shanghai Municipal Government and the People's
Bank of China. The group is currently a collection of credit
cooperatives covering the urban areas of Shanghai and is undergoing
an ownership restructure to consolidate itself as a major regional
bank in China.

The Shanghai Rural Credit Cooperative Union brings together some 230
rural credit cooperatives, with more than 300 branches in the
Shanghai province via the Shanghai Rural Credit Cooperatives Union.
It has one million retail customers and around 150,000 business
customers. Total assets are approximately A$17 billion.

ANZ Group Managing Director Group Strategic Development, Mr Peter
Hawkins said: "The Shanghai Rural Credit Cooperative Union's
established customer base and network in Shanghai and ANZ's
technology and product expertise could provide joint opportunities in
the medium term.

"The cooperation agreement provides the framework to explore those
opportunities with the Shanghai Rural Credit Cooperative Union in one
of the worlds fastest growing markets," Mr Hawkins said.

Shanghai is China's commercial and financial centre with a population
of 13.3 million people. Official GDP was US$65 billion in 2002, up
10.9% on 2001. As at December 2002 there were 48 foreign banks
operating under branch or subsidiary licences in Shanghai. ANZ has
had a licensed branch in Shanghai since 1993. ANZ has also had a
representative office in Beijing since 1986 which became a licensed
branch in 1997.

For media enquiries, contact:
Paul Edwards
Head of Group Media Relations
Tel: 03-92736955 or 0409-655 550