Powered by MOMENTUM MEDIA
subscribe to our newsletter
ANZ mulls asset finance IPO

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.

Advertisement
Advertisement

“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.”

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 embattled wealth giant has confirmed that its statutory net profit fell by $820 million in 2018, due to costs associated with the royal ...

The non-major bank’s net profit after tax has dropped by 4.7 per cent, coinciding with weaker home lending performance. ...

Regulatory sandboxes may not be the answer for regulating cross-border fintechs, a new report has suggested. ...

FROM THE WEB

POST RC PANEL DISCUSSION ADDED

podcast

LATEST PODCAST: The aftermath of the final royal commission report

Is enough being done to ensure responsible lending?