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ANZ not to proceed with trustee merger

Media release

Monday 4th April 2005

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ANZ has announced the planned merger of ANZ's trustee business with Equity Trustees would not proceed.

Following the announcement of a Heads of Agreement between ANZ and Equity Trustees in October 2004, a number of issues emerged during due diligence that were unable to be resolved. This lead to the decision by both parties not to proceed.

ANZ Group managing director strategic development, Peter Hawkins, said in a statement "ANZ Trustees continues to be a sound business which includes servicing the many charitable trusts that support the philanthropic work done by our clients.

"We continue to believe the trustee sector offers opportunities for the Group, ANZ Trustees is a good business and the potential to advance the business strategically can be explored over the longer term."

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