ANZ sells NZ asset finance to Chinese bidder
(12 January 2017 – New Zealand) ANZ Banking Group has sold its New Zealand asset finance arm UDC to China’s HNA Group.
The bank confirmed HNA had outbid competitors, paying 1.6 times UDC Finance’s book value. The sale will generate a A$100 million net gain for the bank after transaction costs and the release of goodwill.
As part of the sale, HNA will also acquire the Australian and New Zealand trademarks for dealer financier ANZ, whose portfolio was bought by Macquarie in 2015 for an estimated A$8 billion.
ANZ New Zealand chief David Hisco said: “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.”
The sale follows ANZ Chief Executive Shayne Elliott’s strategy to focus on core assets and reducing the bank’s exposure in Asia.
Recently, ANZ also revealed the sale of its 20 percent stake in Shanghai Rural Commercial Bank to two Chinese entities for A$1.84 billion, the first in a plan to divest a A$4 billion Asian bank portfolio.
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