Australia & New Zealand Banking Group (ANZ) is considering the sale of its Australian vehicle and equipment finance business, Esanda, for approximately A$2 billion according to media reports.
But AutoTalk understands from its sources the bank’s New Zealand finance division – UDC Finance – is not on the block.
Esanda is one of Australia’s biggest vehicle finance provider, having $16.2 billion in loans and offering car loans, novated leases and motor insurance services to both personal and business customers.
Esanda had A$16.15 billion in net loans as of September 30, according to ANZ’s annual results filing.
The company has refused to comment on the rumours, which include expectations the process will begin to find a buyer within a few weeks.
According to media reports, ANZ may begin the process for the sale of Esanda next month based on feedback from potential bidders.
Esanda became a unit of ANZ in 1970 and a division in 2009, according to its website.
