ANZ sells UDC Finance to China's HNA Group for $660 million

Tue, 10 Jan 2017

By Paul McBeth Jan. 11 (BusinessDesk) - ANZ Bank New Zealand has sold UDC Finance to HNA Group for $660 million, marking the Chinese company's first foray into New Zealand. The deal is subject to various approvals and is expected to be completed late in the second half of the year, and will deliver a net gain to ANZ of A$100 million, the lender said in a statement. The sale price is $235 million above UDC's net assets, or a price-to-book ratio of 1.6 times. "The sale of UDC is consistent with our strategy to simplify the bank and is...

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