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ANZ Buys Bank Papan Credit Business

May 3, 1999

MELBOURNE, Australia (AP) _ ANZ Banking Group Ltd. said Monday that its Indonesian joint venture operation, PT ANZ Panin Bank, will acquire the credit card operations of PT Bank Papan Sejahtera.

The credit card operations will be purchased from the Indonesian Bank Restructuring Agency for $4.6 million, it said.

ANZ said Bank Papan’s credit card business, with more than 47,000 accounts, includes state-of-the-art technology platform consistent with ANZ’s card operating platform,

The acquisition followed a tender conducted by the Indonesian Bank Restructuring Agency.

Bank Papan was one of 38 banks taken over by the Indonesian government in March 1999.

ANZ currently holds a 4.9 percent stake in Panin Bank, Indonesia’s ninth largest private commercial bank, and an 85 percent interest in the joint venture, PT ANZ Panin Bank.

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