Esanda moved under bank guarantee umbrella
Around $13 billion in assets will be moved onto the ANZ balance sheet as a result of a move announced today for Esanda Finance Corporation to transition from a wholly-owned subsidiary to being a division of the banking group over the next three months.
At the same time, Esanda debenture holders will be moving under the umbrella of the Government's Bank Guarantee.
Esanda is 100 per cent owned by ANZ and its earnings and balance sheet are already consolidated with ANZ Group for reporting purposes.
Outlining the benefits of the move, ANZ said the transition would involve the launch of the Esanda Term Deposit issued by ANZ, which carried the bank guarantee and maintenance of all existing Esanda Debentures, albeit that no new Esanda Debentures would be issued.
AUTHOR
Mike Taylor
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