ANZ looks to explore IPO option for UDC Finance
ANZ has announced it will look to explore the possibility of an initial public offering (IPO) of ordinary shares in UDC Finance, which a wholly-owned subsidiary of ANZ Bank New Zealand asset finance company funding plant equipment, vehicles and machinery.
ANZ New Zealand’s chief executive, David Hisco, said: “We have been looking at strategic options for UDC’s future for some time as part of ANZ’s strategy to simplify the bank and improve capital efficiency.”
He stressed that UDC was continuing to perform well and there was immediate requirement to make decision.
However, after the last year’s planned sale to HNA did not proceed the firm would keep examining “a broad range of options for UDC’s future”, he added.
“This will include exploring whether, subject to market conditions, an IPO would be in the interests of UDC’s staff and customers, and ANZ shareholders,” Hisco said.
At the beginning of 2017, ANZ https://www.moneymanagement.com.au/news/anz-sells-nz-asset-finance-business announced to the Australian Securities Exchange (ASX) it had agreed to sell UDC Finance to Chinese conglomerate, HNA Group with the transaction valued, at that time, at $NZ660 million
AUTHOR
Oksana Patron
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