ANZ to sell UDC Finance for NZ$660 million

Company News

by David Chau

ANZ Bank (ASX:ANZ) has entered an agreement to sell its asset finance subsidiary, UDC Finance, for NZ$660 million – in a bid to simplify its business and boost capital efficiency.

ANZ will sell its subsidiary to HNA Group, which is a company focused on tourism, logistics and financial services.

The bank confirmed that HNA will continue to employ UDC’s existing staff as well as preserve its operations.

ANZ says the sale is subject to investor and regulatory approvals. The sale is due to be completed in the second half of 2017.

ANZ posted a net profit of $5.7 billion at 30 September 2016.
 

David Chau

Finance News Network
David joined FNN in April 2016. In addition to presenting the Market Outlook and latest business news stories, David interviews senior economists and CEOs of ASX-listed companies. Prior to working for FNN, David was a litigation lawyer.