Old hand trusted to tricky ANZ-National Bank merger

By PAULA OLIVER


ANZ has appointed one of its most seasoned veterans to head the sensitive process of integrating with the National Bank.

Grahame Miller, who joined ANZ in 1968, will work with National Bank patriarch Sir John Anderson to make the tough decisions about how to merge the banks' operations while saving costs and keeping regulators happy.

Miller's official job title will be head of integration, and ANZ chief executive John McFarlane said yesterday that he would "lead the integration task in support of Sir John".

Sir John is to be the chief executive of the new bank - the country's largest - in a move which has calmed many worried National Bank customers.

Miller has been one of ANZ's high flyers for years, holding senior roles, including general manager of global treasury, head of major investment projects, and managing director of ANZ Investment Bank.

He will be based in Wellington.

ANZ's $5.6 billion purchase of the National Bank was officially completed yesterday. It is believed to be the country's biggest single investment transaction.

Since it was announced five weeks ago, the deal has been dissected and conditions imposed on it by the Reserve Bank.

It became clear during that time that the central bank will have to approve any significant change or merger. ANZ has said it intends to keep the brands separate for the "foreseeable future".

Some integration is planned.

The head offices are to be combined, as well as back-office operations and IT. ANZ expects annual savings of $126.5 million from that within three years.

Job losses will be centred in those areas, but no final figure has been worked out.

In the first sign of co-operation to affect customers, the two banks yesterday withdrew the 50c fees they had previously charged customers for the use of one another's ATMs.