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ANZ finalizes sale of UDC Finance to Shinsei Bank

Maria Nikolova

The sale, originally announced in June 2020, followed a strategic review by ANZ Bank New Zealand.

ANZ today announced the successful completion of the sale of its asset finance business in New Zealand, UDC Finance, to Shinsei Bank Limited.

The sale, originally announced in June 2020, followed a strategic review by ANZ Bank New Zealand and is in line with ANZ’s strategy to simplify its business.

The transaction, which provides ~10bps of Level 2 Group CET1 capital, is set to further strengthen ANZ New Zealand’s balance sheet position.

The purchase price of NZ$762 million represents a price-to-book ratio of 1.2x net tangible assets of NZ$637 million as at March 31, 2020. The sale is set to release more than NZ$2 billion of funding provided by ANZ New Zealand, further strengthening its balance sheet position.

Back in June, when the deal was first announced, ANZ Bank New Zealand CEO Antonia Watson said:

“Shinsei Bank intends to preserve UDC’s operations, retain UDC employees and provide long term capital to maintain and grow customer lending in New Zealand. The sale will also mean UDC Finance will continue to operate as an independent finance company and enhance competition in the asset finance market”.

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