The New Zealand arm of ANZ Bank has announced the sale of asset financing business UDC Finance to financial services company HNA Group.
The company said the sale was in line with ANZ’s ongoing efforts to simplify “its business and capital efficiency” and will add around 10 basis points to ANZ Bank’s CET1 capital.
“The sale of UDC is consistent with our strategy to simplify the bank and is a good outcome for customers and staff,” said ANZ Bank New Zealand chief executive David Hisco.
“HNA Group is one of the world’s largest asset financing and leasing companies, and it intends to preserve UDC’s operations, including offering continued employment to all staff.”
The sale of the company is subject to closing steps and conditions, ANZ said, and is expected to be complete by late 2017.
“The transaction also includes the Esanda name and trademarks in Australia and New Zealand. The additional consideration for the name and trademark sale is not material to ANZ,” the company added.
This sale follows last week’s announcement that ANZ would sell its share in the Shanghai Rural Commercial Bank, also part of the bank’s recent efforts to simplify its business.
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