ANZ (ASX:ANZ) announce sale of UDC Finance

Company News

by Rachael Jones

ANZ (ASX:ANZ) it has agreed to sell its asset finance business in New Zealand, UDC Finance, for NZ$762 million that’s $706 million Australian to Shinsei Bank.

The purchase price represents a price-to-book ratio of 1.2x net tangible assets of NZ$637 million as at 31 March 2020.

The sale provides AUD$439 million of Level 2 Group CET1 capital at settlement.

The sale will also release more than NZ$2 billion of funding provided by ANZ New Zealand, further strengthening its balance sheet position.

Shares in ANZ (ASX:ANZ) are trading 0.9 per cent higher at $18.22.
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.