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.

Related News: Business confidence spikes despite lack of trust in policy

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.

Related Content

FOS should be benchmark in EDR merger

The Financial Ombudsman Service (FOS) has used the results of a survey of financial counsellors on external dispute resolution (EDR) schemes to argue ...more

Mercer buys Pillar

Mercer has emerged as the buyer of Pillar Administration. Money Management understands that the transaction has been confirmed in an internal communic...more

Forager’s successful move on LIT structure

Forager Funds Management's flagship Australian Shares Fund is expected to pass an important milestone this week, converting from an unlisted, open-end...more



Add new comment