ANZ mulls asset finance IPO

A wholly owned subsidiary of ANZ Bank New Zealand, UDC is New Zealand’s leading asset finance company funding plant equipment, vehicles and machinery.

“We have been looking at strategic options for UDC’s future for some time as part of ANZ’s strategy to simplify the bank and improve capital efficiency,” ANZ New Zealand CEO David Hisco said.

“While UDC is continuing to perform well and there is no immediate requirement to make decisions, after last year’s planned sale to HNA did not proceed, it makes sense to keep examining a broad range of options for UDC’s future.

“This will include exploring whether, subject to market conditions, an IPO would be in the interests of UDC’s staff and customers and ANZ shareholders.”

Mr Hisco said that the range of strategic options ANZ has for UDC — including approaches the bank has received regarding the business and the option of retaining it — will take a number of months to examine before any decision is made.

“In the meantime, it will continue to be business as usual for UDC,” the CEO said.