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ANZ increases Malaysian investment

ANZ increases Malaysian investment

(1 December 2006 – Malaysia) ANZ is set to boost its stake in Malaysian lender AMMB to almost 25 percent. This follows the announcement last week that ANZ would buy a 13.5 percent stake in AMMB. ANZ will pay US$356 million for a further 11.4 percent share.

The additional investment means ANZ is now the largest shareholder in AMMB. It is strongly placed to target the strong AMMB franchise in auto and retail banking.

'The proposed AMMB partnership is part of our strategy of forming banking partnerships in Asia to supplement a strong local franchise with ANZ's capabilities to accelerate growth,' ANZ chief executive John McFarlane said.

'The premium paid by ANZ above the current market price recognises the dilution of Amcorp Group's controlling interest in AMMB,' ANZ said.

AMMB has assets totalling almost US$20 billion and has more than 2.5 million retail customers.

AMMB said the partnership with ANZ would provide access to capabilities that will strengthen its position in the Malaysian market and help accelerate growth.

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