MCMULLAN WELCOMES ANZ PHILIPPINES ENTRY

The Minister for Trade, Senator Bob McMullan, said in New Delhi today he welcomed news that ANZ has been awarded one of ten new foreign bank licences in the Philippines.

ANZ is one of forty banks from around the world which sought a licence for full branch banking operations when the Philippines last year opened its doors to foreign banks for the first time in fifty years.

"The granting of this licence is just reward for ANZ's ongoing efforts to break into the Philippines and other regional markets," Senator McMullan said.

"And the ANZ application was a major topic of discussion when I met with the Philippines Secretary for Trade and Industry, Mr Navarro, and Filipino banking officials at December's National Trade and Investment Outlook Conference in Melbourne.

"The Government has worked closely with ANZ throughout the licence process.

"I understand ANZ will be opening its first branch in Manila later this year and hopes to have at least six branches operating around the country soon after.

"Importantly, ANZ's success in the Philippines will send strong signals to the region of Australia's capabilities in banking and other services.

"It is also timely because banking and insurance are two areas strongly represented on my current business mission in India.

"I am sure Alister Maitland, ANZ's Executive Director - International, who is travelling with me at the moment, will be buoyed by his company's success in the Philippines when he holds discussions with Indian authorities over the next couple of days.

"In fact, the ANZ licence will be a fillip to other Australian companies seeking a foothold in the emerging markets of the region."

Further information: John Flannery, (06) 277 7420, 018 482 887