Salient. Victoria University Student Newspaper. Volume 38, Number 25. 2nd October 1975
ANZ Banking Group Ltd
ANZ Banking Group Ltd.
The ANZ is a British bank and is one of the largest banks in the world — number 70 in 1971.
In 1974 the Chairman of the ANZ was Sir Alexander Ross. He was also on the Board of United Dominions Trust Ltd., one of the largest finance companies in the world. This co-directorate expressed among other things the common interest these two companies have in UDC Group Holdings which operates in New Zealand. Between them the bank and the Trust owned 73% of UDC. UDC Group Holdings in turn owns United Dominions Corporation Finance Ltd., and it in turns owns 11 other companies mainly in the field of investment, hire purchase, credit and merchant banking. It also has a share in Allied Mortgage Guarantee Co. Ltd. whose other shareholders include National Insurance of NZ Ltd., NZI and South British Insurance. The two most prominent directors of UDC are Sir Clifford Plimmer and JR Cropper. Both these gentlemen sit on the Board of the Australian controlled insurance company AMP Society Ltd. This is the largest insurance company in New Zealand with assets in 1969 totalling $348.2 million. AMP has substantial investments in NZ Breweries, Wattie Industries, NZ Forest Products, and many other New Zealand companies. Cropper and Plimmer are on the Boards of the above mentioned industries, and over 30 others.
In this example, one Trading Bank, the second largest in New Zealand, brings into its orbit through ownership or having directors in common, a major finance company, a merchant bank, other finance and investment companies, and four insurance companies, especially the country's wealthiest, AMP Society Ltd. Also many of New Zealand's largest industrial concerns have links with the ANZ, its subsidiaries and their directors. Any new industrial undertaking seeking to get established in areas undesirable to people like Plimmer, especially in competition to one of his companies, could not expect to get its finance from ANZ or its associates.