ANZ BANK SETS ONE-FOR-TWO BONUS ISSUE
  Australia and New Zealand Banking
  Group Ltd &lt;ANZA.S> said it will make a one-for-two bonus issue
  from its asset revaluation reserve to shareholders registered
  June 2.
      The proposed bonus and an increase in authorised capital to
  one billion one-dlr par shares from 600 mln will be put to
  shareholders for approval at an extraordinary general meeting
  on May 26, the ANZ said in a statement.
      The issue will absorb about 230 mln dlrs of the 260.9 mln
  standing in the asset revaluation reserve, it said.
      The bank said that by lowering the dividend rate it expects
  to maintain the value of dividend payout on the enlarged
  capital at about the level of its last full year ended
  September 30. The group paid 31 cents a share and 133.1 mln
  dlrs in all for that year.
      Shareholders will also be asked to approve changes in the
  bank's articles of association to allow it to offer shares in
  lieu of the interim dividend at a discount of five pct to the
  market price.
      The group is the latest to announce a tax-free bonus issue
  ahead of dividend imputation, effective July 1.
  

