I.A.C. s Future Not Yet Decided

Press, Volume CIX, Issue 31975, 30 April 1969, Page 17

I.A.C. s Future Not Yet Decided

(N.Z, Pre»s Association—Copyright) MELBOURNE, April 29. I.A.C. (Holdings), Ltd, leading finance and insurance group, achieved a higher volume of business in the first quarter of the current 1969 year, the chairman (Mr F. E. Bunny) said at the annual meeting today.

But Mr Bunny had no progress to report to shareholders on I.A.C.’s position after the proposed merger between the E. S. and A. Bank and the A.N.Z. Bank, which holds a 21.7 per cent interest in LAC. At the time of the merger announcement on December

• 10 last year, the banks said a| • conference would be called) ■ soon to discuss the finance ini terests of the banks. 1 Mr Bunny said today: “The! ' discussion with our company 1 which was mentioned in the* press announcement concern-' ing the merger of the A.N.Z.J ’ and E. S. and A. Banks has; not taken place. "When any such discussion takes place the outcome will be publicised." The E.S. and A.’s finance interest is Esanda. Ltd, a wholly-owned subsidiary of the bank. Executives of the two banks said in December that the combined bank would have a moral obligation to take account of the effect of; the merger on the exisiting association between the A.N Z. and LAC.)