UDC sale likely for 2020
The sale of UDC to HNA of China fell over in late 2017, and since that there has been uncertainty about what ANZ’s intention for UDC was. Financial media are now reporting that ANZ is still looking to sell its finance company UDC, as it manages its capital requirements. A sale will reduce the amount of capital that ANZ is required to hold to fund its New Zealand businesses. We understand they are looking for binding bids towards the end of the 1st Quarter of 2020, which would likely see a sale progress late in the 2020 year provided ANZ can get a price that it is comfortable with and that the relevant regulatory approvals progress in a timely manner.
Market commentary is that the most likely interest is from a global private equity firm similar to those that acquired the GE Money businesses. You can read more at: