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.