ANZ Bank and E*Trade Australia Form OnLine Broking Venture
Bloomberg News
June 16, 1999, 5:42 p.m. PT
ANZ Bank and E*Trade Australia Form OnLine Broking Venture
Sydney, June 17 (Bloomberg) -- Australia & New Zealand
Banking Group Ltd., one of Australia's biggest banks, formed an
alliance with E*Trade Australia Ltd., an Internet stockbroker, to
develop online share trading.
The two companies will offer online share trading to ANZ's 4
million customers in Australia and New Zealand, as part of the
bank's electronic commerce strategy. The service will be managed
by E*Trade, a subsidiary of the third-largest online broker in
the U.S., E*Trade Group Inc.
E*Trade surged almost 40 percent, rising A$2.05 (US$1.35) to
A$7.25. ANZ rose 34.6 cents, or 3.3 percent, to A$10.96.
''In the coming months, ANZ will make a substantial
investment in marketing e-commerce services, including the ANZ-
E*Trade co-branded offering, to ensure ANZ is successful in
capturing an increasing share of the on-line business,'' said
Peter Hawkins, head of ANZ's personal financial services.
E*Trade Australia will issue ANZ with shares based on the
share of E*Trade's trade volume generated by ANZ customers.
Initially it will issue ANZ with 6 million shares -- about 10
percent of the company. Further shares -- up to a maximum of 40
percent of E*Trade stock -- will be issued to ANZ based on the
share of E*Trade's trade volume generated by ANZ customers.
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