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ANZ-OCBC Bank Joint Venture

ANZ and OCBC have formed a joint venture to establish a stand-alone internet bank with a regional network, offering a complete financial services proposition for customers. This high-growth model focuses on low customer acquisition costs and scalable technology, with strategic investments in internet services companies. The joint venture aims to tap into the largely untapped market of Asia's emerging mass affluent consumers, leveraging e-commerce as a cost-efficient and low-risk way to target regional growth opportunities. This partnership combines the strengths of ANZ and OCBC to accelerate entry into new markets and capitalize on the emerging wired affluent market in Asia.

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ANZ-OCBC Bank Joint Venture

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  1. ANZ-OCBC Bank Joint Venture Media Briefing 17 July 2000

  2. Joint venture key points • ANZ and OCBC have established a joint venture to develop a stand alone internet bank with a regional network • New business model will deliver a complete proposition for customers’ financial services lifestyle • High growth model, with low customer acquisition costs and scalable technology • Joint venture will make strategic investment in a range of internet services companies - first partner, BOOM.COM • Investment of US$100 million over three years • Launch end 2000

  3. e-commerce in Asia is key to new growth • There is a largely untapped opportunity to provide financial services to Asia’s emerging mass affluent consumers • e-commerce provides a more cost efficient and low risk way of targeting regional growth opportunities • The need for speed and access to markets means it makes sense to combine the strengths of ANZ and OCBC • The business model recognises the weaknesses of existing pure online propositions and includes specific responses

  4. Asia’s mass affluent market is emerging Wired Emerging Affluent • Adults in urban areas: • Annual income over approx. US$10,000 • Connected to the Internet

  5. Strategic logic for ANZ/OCBC • ANZ’s focus is on growth of new positions in the Pacific and Asia • re-energise existing positions and direct new investment towards e-commerce • 29% stake in PT Panin Bank in Indonesia • e-commerce joint venture with OCBC • OCBC strategy to transform into a “click-and-mortar” bank and at the forefront of the e-financial landscape • finatiQ.com • tx123.com • iOCBC.com • iWap

  6. OCBC/ANZ partnership makes sense Country/Branches ANZ OCBC Partnership Benefits • Shared vision of opportunity across Asia • Complementary licences, strategic fit • Complementary strengths provide core skills for a successful e-venture • Both banks embrace the e-space at home Singapore 42 1 Hong Kong 3 1 China 2 5 Taiwan 1 1 Malaysia 25 1 Rep. 1 Rep. Thailand 1 Indonesia JV Panin Philippines 0 1 Japan 1 2 1 Korea 1 1 Rep. Vietnam 2

  7. Pipeline under development Leading Financial Portal Online Stockbroking Internet Service Provider • Regional e-based financial institution + Retail Alliances B2B and B2C Enabling Banking front end

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