Powered by MOMENTUM MEDIA
subscribe to our newsletter

ANZ mulls asset finance IPO

The major bank has announced that it will explore the possibility of floating New Zealand-based asset finance company UDC Finance.

A wholly owned subsidiary of ANZ Bank New Zealand, UDC is New Zealand’s leading asset finance company funding plant equipment, vehicles and machinery.

“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,” ANZ New Zealand CEO David Hisco said.

“While UDC is continuing to perform well and there is no immediate requirement to make decisions, after last year’s planned sale to HNA did not proceed, it makes sense to keep examining a broad range of options for UDC’s future.

“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.”

Advertisement
Advertisement

PROMOTED CONTENT


Mr Hisco said that the range of strategic options ANZ has for UDC — including approaches the bank has received regarding the business and the option of retaining it — will take a number of months to examine before any decision is made.

“In the meantime, it will continue to be business as usual for UDC,” the CEO said.

ANZ mulls asset finance IPO
mortgagebusiness

Latest News

The chief of Australia’s largest bank has said lenders should act pre-emptively and shift their floor rates for mortgage serviceability am...

Total household wealth reached a high of $13.4 trillion in the June quarter, primarily due to rising property prices, according to the Aust...

The property exchange settlement platform has been granted approval to establish an Electronic Lodgement Network in the ACT.  ...

Join Australia's most informed brokers

Do you know which lenders are providing brokers and their customers with the best service?

Use this monthly data to make informed decisions about which lenders to use. Simply contribute to the survey and we'll send you the results directly to your inbox - completely free!

How long do you think it should take to discharge a mortgage?

Website Notifications

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