ANZ today announced an agreement to sell UDC Finance, the asset finance business of its wholly owned subsidiary ANZ Bank New Zealand, to HNA Group, a global company focused on tourism, logistics and financial services.

The sale reflects a continued focus by ANZ on simplifying its business and capital efficiency.

ANZ New Zealand CEO David Hisco said: "The sale of UDC is consistent with our strategy to simplify the bank and is a good outcome for customers and staff. HNA Group is one of the world's largest asset finance and leasing companies, and it intends to preserve UDC's operations including offering continued employment to all staff."UDC Transaction and Financial Summary

Sale Price

~NZ$660m

Premium to Net Assets (30/09/2016)

~NZ$235m

Price-to-Book Ratio (UDC net assets 30/09/2016)

~1.6 times

}}} Continue to read full release |  January 11, 2017  |