Fed: ANZ St George deal a matter for the markets: PM

AAP General News (Australia)
12-01-1999
Fed: ANZ St George deal a matter for the markets: PM

Prime Minister JOHN HOWARD says any merger of the ANZ Bank with the smaller St George
Bank will ultimately be a matter for the market.

ANZ has muscled in on its smaller rival, taking a 4.9 per cent stake in the Sydney-based
regional bank in a bid to position itself for future industry consolidation.

National Australia Bank has also picked up a similar-sized stake in St George, and
ANZ's entry sets the stage for a potential clash over control of the bank.

Mr HOWARD has told Adelaide radio 5DN that government policy is only to prevent a reduction
in the number of the four major banks - something a takeover of st George would not affect.

AAP RTV rft/kbw/rp

KEYWORD: ST GEORGE HOWARD (CANBERRA)

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