Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
Foreign investment proposal: establishment of a new merchant bank in Australia by Amsterdam-Rotterdam Bank NV, the MLC Limited and Lend Lease Corporation Limited



Download PDFDownload PDF

N O . 97

AUSTRALIA .«>

TREASURER

E M B A R G O 12 NOON - 11 JUNE 1981

STATEMENT BY THE TREASURER, THE HON JOHN HOWARD, MP

FOREIGN INVESTMENT PROPOSAL .

ESTABLISHMENT OF A NEW MERCHANT BANK IN AUSTRALIA BY AMSTERMM-ROTTERUAM BANK NV, THE MLC LIMITED AND LEND LEASE CORPORATION LIMITED

The Government has approved a proposal for the establishment in Australia

of a new merchant bank, Amro Australia Limited, which is to have

shareholders Amsterdam-Rotterdam Bank NV of The Netherlands (40%) and

two Australian corporations The MLC Limited (40%) and Lend Lease

Corporation Limited (20%). '

Under the Government's foreign investment policy, for approval, all

proposals to establish new non-bank financial intermediaries in

Australia are required to demonstrate substantial net economic benefits

to Australia, or where the net economic benefits are small, should

provide for an effective partnership between Australian and foreign

interests in the ownership and control of the new venture.

The Government is satisfied that the proposal constitutes an effective

partnership because there would be about 50% beneficial Australian

ownership in Amro Australia Limited in which a majority of the shares

and a majority of board representation would be held by Australian

controlled companies. .

CANBERRA ACT 1 1 June 1981