ANZ sells UDC Finance
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.
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