ANZ National Bank Buys Direct Broking
12 May 2006
ANZ National Bank Buys Direct Broking, Positions For Growth
ANZ National Bank has agreed to purchase Direct Broking from Dorchester Pacific. Direct Broking pioneered Internet share trading in New Zealand and represents about 7% of NZX transaction turnover.
“This is an exciting growth opportunity for the Bank, complementing our existing National Bank Online Share Trading activity and adding more distribution strength in the corporate bond market where we enjoy a market leadership position,” ANZ National Bank Managing Director Institutional Nigel Williams said.
“It will also provide ANZ and The National Bank’s personal customers with more choice about how they buy and sell equities and fixed interest securities. New Zealanders are confident about investing and recognise the value in having the direct access to markets that Direct Broking provides.
“We have also seen the success of the National Bank Online Share Trading service in New Zealand and, with our existing activities, ANZ National should now account for over 10% of NZX trade volume,” Mr Williams said.
ANZ National Bank’s Direct Broking customer dealings in securities on the Australian Stock Exchange will continue to be directed through E*TRADE Australia, and the Bank looks forward to the ongoing development of this relationship.
Direct Broking will maintain its independent status operating as a subsidiary of the Bank, led by its founder Nigel Wynn and fixed interest director David Speight.