About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   tmmonline.nz  |   landlords.co.nz
Last Article Uploaded: Thursday, June 21st, 9:35PM
rss
Latest Headlines

ANZ sells UDC Finance

ANZ Bank New Zealand  has agreed to sell its asset finance business, UDC Finance, for $660 million to HNA Group.

Wednesday, January 11th 2017, 11:21AM

ANZ New Zealand CEO David Hisco said today 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.

The purchase price of NZ$660 million represents a price-to-book ratio of 1.6 times net assets of $424 million as at 30 September 2016.

“UDC Finance is a great business which is performing well,”Hisco said.
“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.”

Hisco said the purchase of UDC Finance by one of the world’s largest asset finance and leasing companies was a significant vote of confidence in the New Zealand economy. It is a Fortune Global 500 company focused on tourism, logistics and financial services.

“HNA is well placed to invest in specialist asset finance products and systems which will help UDC expand further in the future,” Hisco said.

HNA doesn’t currently operate in New Zealand so this sale will maintain competition in the asset finance and leasing market which is good for customers. HNA intends to preserve UDC’s operations, offering ongoing employment to all existing UDC employees and maintaining existing customer lending.

Founded in 1993, HNA Group has evolved from a regional airline based on Hainan Island into a global company with over US$90 billion of assets, US$30 billion in annual revenues and nearly 200,000 employees across North America, Europe and Asia. The financial arm of HNA operates a diverse set of businesses in equipment leasing, insurance, and credit services, including China’s largest non-bank leasing company, one of the world's largest aviation finance businesses, one of the world’s largest container leasing businesses, and Europe’s largest trailer leasing business.

“UDC’s highly diversified portfolio offers significant growth opportunities in Australasia and supports HNA Group’s disciplined approach to expand our core tourism, logistics and financial services businesses,” said Adam Tan, Vice Chairman and CEO of HNA Group.

“We are excited to welcome UDC Finance to the HNA Group family and we look forward to working with their experienced management team as they continue to support the growth and aspirations of New Zealand businesses, investors and consumers.”

The UDC sale is subject to closing steps and conditions including engaging with investors on the replacement of the Secured Investment program and regulatory approvals. Completion is expected late in the second half of the 2017 calendar year.

Tags: ANZ UDC

« BNZ offers 4% term deposit rateUDC gets downgraded on sale news »

Special Offers

Comments from our readers

No comments yet

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
Today's Best Bank Rates
Heartland Bank 2.75  
Based on a $50,000 deposit
More Rates »
News Bites
Latest Comments
Subscribe Now

Deposit Rates newsletter

Previous News

MORE NEWS»

Most Commented On
News Quiz

The maximum remuneration model for Australian life insurance advisers is to be set at what?

Upfront 40% + trail 20%

Upfront 50% + trail 10%

Upfront 50% + trail 20%

Upfront 60% + trail 10%

Upfront 60% + trail 20%

MORE QUIZZES »

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by Web Developer and eyelovedesign.com