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ANZ grows Asian M&A practice

ANZ grows Asian M&A practice

(16 March 2004 – Australia/New Zealand) ANZ is looking to boost its mergers and acquisitions (M&A) presence in China and India by adding to its corporate finance team. The bank said M&A activity was booming across Asia, particularly in China and India, with the resources, utilities, infrastructure and food and beverage industries shaping up strongly for potential deals.

ANZ recently appointed former Merrill Lynch staffer Malcolm Hiscock to head up its corporate finance practice globally.

In further news, the bank has given an update on its integration with National Bank of New Zealand (NBNZ) in the wake of last year’s takeover.

The bank said NBNZ had recovered from an initial post-acquisition dip in the last two months of 2003 and was growing its net customer base. NBNZ’s net profit in the year to December 2003 was up 12.3 percent.

ANZ, on the other hand, was showing "some weakness" but the bank had embarked on a brand advertising campaign in New Zealand.

"In the three months since completion [of the acquisition] overall customer attrition has been negligible, there have been no material financial or risk surprises and we have continued to be impressed by the quality of the business," ANZ chief financial officer, Peter Marriott, said.

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