Powered by MOMENTUM MEDIA
subscribe to our newsletter

ANZ to sell asset finance business

The major bank has today announced an agreement to sell one of the asset finance businesses of its New Zealand subsidiary for $626 million.

ANZ will sell UDC Finance to HNA Group, a global company focused on tourism, logistics and financial services.

“The sale of UDC is consistent with our strategy to simplify the bank and is a good outcome for customers and staff,” ANZ New Zealand CEO David Hisco said.

“HNA Group 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,” he said.

A trading update revealed a sale price of NZ$660 million ($626 million).

Advertisement
Advertisement

UDC Finance’s net loans and advances as at 30 September 2016 were NZ$2.6 billion ($2.5 billion).

ANZ will gain 10 basis points of APRA CET1 capital as a result of the sale.

“The transaction also includes the Esanda name and trademarks in Australia and New Zealand,” ANZ said in a statement.

“The additional consideration for the name and trademark sale is not material to ANZ. The UDC sale is subject to closing steps and conditions including engaging with investors on the replacement of the secured investment program and regulatory approvals.”

Completion is expected late in the second half of the 2017 calendar year.

PROMOTED CONTENT


[Related: ANZ sells stake in Chinese bank for $1.8bn]

ANZ to sell asset finance business
mortgagebusiness

Latest News

The RBA has studied the role of collateral in credit markets under stress, and has found that collateralised borrowing rose for some segment...

Auction volumes surged significantly over the December quarter across Australia, largely attributed to a “resurgence” in Melbourne, acco...

Loan conditions and collateral guarantees continue to be major stumbling blocks for small businesses looking to access financing, according ...

FROM THE WEB

Join a group of highly informed brokers.

Broker Pulse, a community-driven knowledge base of lender performance Reveal exactly which lenders are making life easiest for brokers and their clients by taking this monthly survey and joining a group of highly informed brokers who leverage these insights every month.

JOIN NOW
podcast

LATEST PODCAST: A new record in mortgage approvals

Do you expect to see strong uptake of the HomeBuilder scheme?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.