ANZ nixed the transaction to sell its asset finance and investments unit to HNA, ratcheting up the pressure on the under fire Chinese conglomerate.
HNA originally agreed to buy UDC, ANZ Bank’s New Zealand loans unit, for about $461 million in January 2017.
A recent change in government in New Zealand brought added scrutiny on foreign investment into the country, leading to the overseas investment office rejecting the deal, ANZ reported on its website.
HNA Group which owns 10 percent of Deutsche Bank has been receiving intense scrutiny from foreign regulators due to its extreme levels of debt and a blurred ownership structure.
Cold Shoulder From Business Partners
The conglomerate's more than $40 billion global feeding frenzy has been a boon for investment banks: HNA maintains ties to UBS, which put up 2.6 billion euros for the Chinese bank's purchase of the Deutsche Bank stake for example.
The Swiss bank reportedly held steady with HNA, even as Citigroup, Bank of America, Morgan Stanley and even Goldman Sachs either withdrew business relations or told their bankers not to write new business with the Chinese firm.
