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Foreign investment proposal



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TREASURER (^RELEASE NO. 7A.

EMBARGO 12 NOON - 9 DECEMBER .

STATEMENT BY THE TREASURER, THE HON JOHN HOWARD, MP

FOREIGN INVESTMENT PROPOSAL .

ESTABLISHMENT OF A MERCHANT BANK IN AUSTRALIA BY KLEINWORT, BENSON LTD AND THE COLONIAL MUTUAL LIFE ASSURANCE SOCIETY LTD

The Government has approved a foreign investment proposal by

Kleinwort, Benson Ltd of the UK to establish jointly with the

Colonial Mutual Life Assurance Society Ltd a merchant bank in

Australia, Kleinwort, Benson (Australia) Limited.

Under the Government's foreign investment policy, all proposals

by foreign interests to establish new non-bank financial

institutions in Australia are required to demonstrate

substantial net economic benefits to Australia or, where these

benefits are small, there must be an effective partnership

between Australian and foreign interests in the ownership and

1 control of the company concerned.

The Government welcomes the proposed venture in which the

Colonial Mutual Life Assurance Society Ltd's Australian policy­

holders Statutory Fund will have 50% ownership and joint

control. Kleinwort, Benson (Australia) Limited is expected to

assist the financial sector to provide the services required to

meet Australia's growing capital needs.

CANBERRA ACT 9 December 1980