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ANZ Expands Foreign Exchange Risk Capability

Wednesday 10 July 2002

ANZ Expands Foreign Exchange Risk Capability and Trading Hours in New Zealand

ANZ Investment Bank announces changes to its Global Foreign Exchange operations in New Zealand designed to expand and improve its risk capability across NZD spot, forwards and options and to provide extended trading hours.

As a result, a new Wholesale Risk desk covering ANZ's interbank Foreign Exchange trading team and a specialist Foreign Exchange sales force will be established in ANZ's Auckland offices. The balance of the Foreign Exchange team based in Wellington will remain in place and there will be no change to the services provided from that centre.

"These changes will geographically align our Foreign Exchange business with the Bank's New Zealand operations creating a strong platform for growth. By expanding our risk capability we will be able to provide an improved level of service to our clients. At the same time, we believe that the expansion of our trading risk team is a clear signal of ANZ's continuing commitment and confidence in the New Zealand financial markets", commented John Body, Director of Foreign Exchange, New Zealand.

The changes follow a strategic review of ANZ's Foreign Exchange business in New Zealand, which reinforced the need for some structural changes in order provide a higher standard of service to ANZ's corporate clients.

Ends


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