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ANZ almost out of the integration woods in NZ

ANZ almost out of the integration woods in NZ

(31 August 2005 – New Zealand) ANZ National Bank has recorded an operating profit of NZ$235 million excluding integration costs and goodwill amortisation for the June quarter. The result is down 0.8 percent from the June 2004 quarter when the bank posted $237 million.

ANZ National Bank chief executive John Anderson said the performance was credible and in line with the sector in a difficult environment.

He said the bank was growing the business at the same time as finalising a complex integration program and investing in the business.

ANZ bought National Bank of New Zealand from UK bank Lloyds TSB at the end of 2003 for A$5.4 billion.

Anderson said the business had added 550 new staff in the nine months to June and had opened seven new branches.

"With the focus on regulatory and integration issues now largely behind us, we are now well placed to take the businesses forward by leveraging our leading position and the strength of our two brands," he said.

The bank said it was on target to complete the integration of the two businesses by the end of this calendar year. ANZ said it had completed the first stage of the domestic systems relocation and transferred its general ledger and related systems from Australia back to New Zealand.

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