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Media Release
Westpac/AGC and GE Capital
Monday 26 November 2001

Westpac today announced that following an unsolicited approach from GE Capital it has commenced discussions regarding the possible sale of parts of AGC's business in Australia and New Zealand. AGC is 100% owned by Westpac.

Westpac is reviewing for sale those parts of the AGC business that do not involve direct distribution to Westpac's 7 million customer base.

It is expected that the outcome of discussions will be known by the end of the year.

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