ANZ sells UDC

ANZ Bank has sold its asset finance division - UDC for $660 million. UDC has been purchased by a Chinese conglomerate called HNZ Group, which owns airlines, hotels and other financial services firms. ANZ New Zealand chief executive David Hisco says the sale followed a strategic review and was in line with ANZ’s strategy to simplify its business and focus on its core banking activities. “We’re extremely proud of what our teams have achieved over the years providing specialist asset-based finance to New Zealand businesses for plant, vehicles and equipment," says Hisco. “HNA is well placed to invest in specialist asset finance products and systems which will help UDC expand further in the future". HNA intends to preserve UDC’s operations, offering ongoing employment to all existing UDC employees and maintaining existing customer lending.