ANZ Bank in talks to sell UDC
(26 April 2016 – New Zealand) ANZ Bank is in the process of selling off its New Zealand based financier, UDC Finance, according to reports.
Sources have said that Deutsche Bank has been meeting with potential buyers to gauge interest and about the bank's plant and equipment financing business.
The sale would be a part of the bank's aim to simplify its operations, as it's new chiefy, Shayne Elliott and seeks to refocus ANZ on its core business units and strengthen its capital position.
UDC Finance specialises in plant and equipment and vehicle financing. It is wholly owned by ANZ's New Zealand arm, ANZ Bank Bank New Zealand Ltd, with access to an A$800 million committed facility from the bank and a AA- credit rating from Standard & Poor's.
The potential sale follows that of Esanda Dealer Finance to Macquarie Group for A8.2 billion.
Subscribe