Search

ANZ offloads NZ finance unit for $626m

ANZ Banking Group has announced its second asset sale in two weeks as it continues efforts to streamline the business and bolster its capital.

The lender has agreed to sell its New Zealand-focused asset finance business, UDC Finance, to Chinese logistics and financial services company HNA Group for $NZ660 million ($A626 million).

The sale, to be completed late in 2017, will result in a net gain of $A100 million and boost the group's common equity tier one capital ratio by about 10 basis points, it said.

Login

(existing subscribers)

The password field is case sensitive.
Request new password

Register for free

Sign up here for free access to 8 articles per month + twice daily business email alerts.

CAPTCHA
Thanks! This question prevents spammers...
Image CAPTCHA
Enter the characters shown in the image.

Add your comment

Total Shareholder Return as at 30/09/16

1 year TSR5 year TSR
414thLendlease17%20%
450thANZ Banking Group9%14%
529thWestpac-2%13%
538thTelstra-4%21%
556thQantas-9%19%
682 WA (and selected non WA) listed companies ranked by 1 year TSR relative to other companies with similar revenue
Source: Morningstar

Revenue

6th-Telstra$26,607.0m
7th↑Westpac$21,642.0m
8th↓ANZ Banking Group$21,071.0m
9th-Qantas$16,200.0m
10th-Lendlease$15,350.3m
77 listed non wa companies ranked by revenue.
Source: Morningstar

BNiQ Disclaimer