ANZ New Zealand to keep UDC; annual earnings rise 3%

Tue, 30 Oct 2018

By Paul McBeth Oct. 31 (BusinessDesk) - ANZ New Zealand has canned plans to sell its UDC Finance arm and will instead seek to grow the country's biggest finance company. The local subsidiary of Australia & New Zealand Banking Group was investigating an initial public offering for UDC after a sale of the company to Chinese conglomerate HNC fell through last year. The decision against listing comes as stock market valuations are increasingly stretched after an extended bull run and volatility re-emerged with major central banks raising int...

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