ANZ has sold its retail banking and wealth management businesses in five Asian locations to Singapore's DBS, and its stake in Shanghai Rural Commercial Bank. Now the bank has offloaded another asset.
As the Melbourne based bank continues its all out effort to streamline the business and bolster its capital, it has announced its second asset sale in two weeks. The Australian lender has agreed to sell its New Zealand-focused asset finance business UDC Finance to Chinese logistics and financial services company HNA Group, for $626 million.
The sale, to be completed late in 2017, will result in a net gain of $100 million and boost the group's common equity tier one capital ratio by about 10 basis points. «The sale of UDC is consistent with our strategy to simplify the bank,» said David Hisco, CEO of ANZ New Zealand.
