Overseas investment decision for case 200920076 - ANZ National Bank Limited

An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in 100% of the shares of ING (NZ) Holdings Limited which owns or controls:

• a freehold interest in 1.0490 hectares of land at 792 Great South Road, Papatoetoe; and
• a freehold interest in 2.5304 hectares of land at 1A Carrington Road, Point Chevalier - Mt Albert; and
• a freehold interest in 5.1546 hectares of land at 140 Don McKinnon Drive, Albany; and
• a freehold interest in 0.9988 hectares of land at 119 Apollo Drive, Mairangi Bay; and
• a leasehold interest in 0.3516 hectares of land at 139 Quay Street Auckland; and
• a freehold interest in 0.7404 hectares of land at 24 Catherine Street Henderson; and
• a freehold interest in 10.9604 hectares of land at Kioreroa Road and Toetoe Road Whangarei; and
• a freehold interest in 3.8647 hectares of land at 1, 3 and 2-20 Semple St, 5 & 9 Tutu Place and 10 Titahi Bay Road, Porirua; and
• a freehold interest in 1.5574 hectares of land at 7, 9, 11 and 15 Maui Street, Hamilton; and
• a freehold interest in 4.2504 hectares of land at 25A Edsel Street and 13-21 Montel Avenue, Henderson; and
• a freehold interest in 90.5242 hectares of land at 246-254 Richardsons Line, 7-13 El Prado Dr and 239-275 Railway Rd, Palmerston North; and
• a freehold interest in 0.8658 hectares of land at 960 Great South Rd, Greenlane, Auckland; and
• a freehold interest in 1.0660 hectares of land at 180-208 Hutt Rd, Wellington.

An overseas investment in significant business assets, being the Applicant's acquisition of rights or interests in 100.0% of the shares of ING (NZ) Holdings Limited, the consideration of which exceeds $100m.

ANZ National Bank Limited (ANZ) and ING Insurance International B.V. (ING Insurance) currently control an incorporated joint venture in New Zealand, ING (NZ) Holdings Limited (ING NZ Holdings), the holding company of ING (NZ) Limited (ING NZ) and ING Insurance Holdings Limited, which are New Zealand-based financial services providers. ING Insurance has agreed to sell its 51% shareholding in ING NZ Holdings to ANZ.

ING NZ Holdings indirectly controls sensitive land which is held in the ING Property Trust and the ING Medical Properties Trust. ING NZ also has a lease of three years or more over levels 5-9 of 139 Quay Street which is to be used for its head office.

The proposed investment will enable ING Insurance to end its involvement in ING NZ Holdings and enable ANZ to acquire full ownership in ING NZ Holdings thus expanding its wealth management business.

The overseas investment transaction has satisfied the criteria in sections 16 and 18 of the Overseas Investment Act 2005. The 'substantial and identifiable benefit to New Zealand' criteria were satisfied by particular reference to the following factors:

Overseas Investment Regulations 2005
28(b) – Key person in a key industry
28(c) – Affect image, trade or international relations
28(e) – Previous investments