ANZ has confirmed it is considering selling its iconic New Zealand finance vehicle, plant and equipment finance operation UDC.
The Australian Financial Review has reported the news, saying Deutsche Bank was sounding out potential investors on its behalf. A decision on if it will sell has yet to be made.
In a statement ANZ Bank New Zealand provided to AutoTalk today it confirmed the move – but reinforced no decisions have been made.
“As part of ANZ’s strategy to review our focus on where we allocate capital and resources, we explore various strategic options from time to time, although this does not mean they will be sold.
“However, it remains very preliminary and no decisions have been made. It’s business as usual for UDC staff, customers and investors.
“If ANZ was to make a decision regarding a potential sale of UDC Finance, we would inform staff, customers and investors immediately.”
UDC is wholly owned by ANZ Bank NZ and is one of the companies oldest and largest. It made a net profit of $57.1 million in its last financial year, with further growth expected.
The sale has been expected by some in the market following last year’s sale of ANZ’s Australian car finance subsidiary Esanda in an auction handled by the same group looking into UDC – Deutsche Bank.
Competitor Heartland’s head of banking Chris Flood indicated to Stuff.co.nz that if UDC is sold, they will be putting their hand up.
“If it does in fact come to sale … we’ll absolutely have our hand up, and it’s something we’ll want to have a look at.”
