ANZ completes acquisition
(2 March 2010 – Australia) Australia and New Zealand Banking Group (ANZ) has announced the completion of the planned acquisition of Landmark Financial Services loan and deposit books from the AWB Group.
The bank’s managing director David Hisco said, in a statement, that ANZ has strengthened its representation across rural and regional Australia with an extra 10,000 customers as a result of the deal.
Mr Hisco said that the deal also now opens up an exclusive distribution and referral agreement through Landmark’s national network.
Together with the bank’s existing agribusiness capabilities, it provides Landmark customers with access to a wider range of products and services that allows a new growth platform across rural Australia, Mr Hisco added.
The loan book acquired by the bank has an approximate value of A$2.4 billion and the deposit book is valued at approximately A$300 million, with both being acquired at net book value.
Mr Hisco said that the deal also now opens up an exclusive distribution and referral agreement through Landmark’s national network.
Together with the bank’s existing agribusiness capabilities, it provides Landmark customers with access to a wider range of products and services that allows a new growth platform across rural Australia, Mr Hisco added.
The loan book acquired by the bank has an approximate value of A$2.4 billion and the deposit book is valued at approximately A$300 million, with both being acquired at net book value.
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