(20 March 2018 – New Zealand) After terminating an agreement to sell its New Zealand asset finance business, ANZ is now exploring an IPO.
UDC, ANZ’s New Zealand asset finance business was the subject of a bid from China’s HNA group which was knocked back by New Zealand’s Overseas Investment Office last year.
The sale was part of the bank’s strategy under CEO Shayne Elliott to simplify the bank and improve capital efficiency.
ANZ’s New Zealand CEO David Hisco said the bank is now considering whether floating UDC would deliver better results for stakeholders as part of a strategic review.
“This will include exploring whether, subject to market conditions, an IPO would be in the best interests of UDC’s staff and customers, and ANZ shareholders,” Mr Hisco said.