ANZ sells UDC Finance to HNA Group for $628m
ANZ Banking Group has offloaded its New Zealand asset finance business UDC Finance to Chinese conglomerate HNA Group for $NZ660 million (USD 628 million).
In ANZ's second asset sale in a week after it last week sold it's 20% stake in Shanghai Rural Commercial Bank, ANZ said on Wednesday the deal is part of efforts to simplify the bank and focus on capital efficiency. UDC provides asset-based finance to New Zealand businesses for purchasing plants, vehicles and equipment.
HNA works in financial services, logistics and tourism with operations spanning airlines, leasing, insurance and real estate. It has been on an acquisition spree in the past year making acquisitions worth USD 34.1 billion in 2016.
HNA owns a stake in Virgin Australia and also acquired Allco Finance's aircraft leasing business out of receivership in 2010.
ANZ is looking to sell its 11.9% stake in the Bank of Tianjin. The bank is also considering the sale of its Australian wealth and life insurance business, valued by the bank at AUD 4.5 billion (USD 3.3 billion).
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