ANZ sells off NZ asset finance business

ANZ has sold down another part of its business — this time the asset finance arm of ANZ New Zealand.

The company announced to the Australian Securities Exchange (ASX) this morning that it had agreed to sell the asset finance business, UDC Finance, to HNA Group — a company which it described as being focused on tourism, logistics and financial services.

The transaction has been valued at around $NZ660 million.

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It said the sale reflected a continued focus by ANZ on simplifying its business and capital efficiency.

Commenting on the transaction, ANZ New Zealand chief executive, David Hisco said the sale of UDC was consistent with the company's strategy to simplify the bank.

He described it as a good outcome for customers and staff.

"HNA is one of the world's largest asset finance and leasing companies, and it intends to preserve UDC's operations including offering continued employment to all staff," Hisco said.

The ASX announcement said the transaction also included the Esanda name and trademarks in Australia and New Zealand.

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