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ANZ, NBNZ deal done and dusted

ANZ, NBNZ deal done and dusted

(9th December 2003 – New Zealand) ANZ has completed its A$5.4 billion acquisition of National Bank of New Zealand from British bank Lloyds TSB. ANZ chief executive John McFarlane said integration planning was already well advanced to bring the two banks together "quickly and effectively".

"Our shared goal is to ensure we are a better business together than we were independently for the benefit of our customers, staff and the New Zealand community," he said.

ANZ said it had appointed Grahame Miller to lead the integration process. Miller will be based in Wellington and work with ANZ chief operating officer Dr Bob Edgar and Sir John Anderson who will head the merged New Zealand entity.

Miller was previously head of Major Investment Projects at ANZ and was also managing director of ANZ Investment Bank.

McFarlane said Miller had the experience to lead the integration task, which was a "strategic imperative for ANZ".

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