Application From ANZ To Acquire National Bank

Media Release

Issued 14 August 2003-04/018

Commission receives clearance application from ANZ

The Commerce Commission has received an application from ANZ Banking Group (New Zealand) Limited (ANZ) to acquire NBNZ Holdings Limited, the New Zealand holding company of The National Bank of New Zealand Limited and its controlled subsidiaries (National) from Lloyds TSB Bank plc.

The immediate parent company of ANZ is ANZ Holdings (New Zealand) Limited, which is wholly owned by ANZ Funds Pty Limited. ANZ has a number of subsidiaries in New Zealand including UDC Finance Limited, which specialises in asset financing. ANZ also has interests in EFTPOS New Zealand Limited, Visa New Zealand Limited (VNZL) and Interchange & Settlement Limited (ISL).

National is a wholly owned subsidiary of Lloyds TSB Bank plc. National also holds interests in VNZL and ISL, as well as in Electronic Transaction Services Limited, which is an alternative system for the interchange and clearance of EFTPOS and credit card transactions.

Both ANZ and National provide financial products and services in New Zealand. Their key business areas are personal banking, consumer finance, business banking, corporate banking and institutional banking.

In considering the application, the Commission's role is to determine whether the merger has the effect of substantially lessening competition in a market. One of the key issues for the Commission is to determine the markets that both ANZ and National Bank compete in and the impact of any aggregation the merger might have on those markets.

A public version of ANZ's application will shortly be available on the Commission's website under Adjudication.

ENDS

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