UDC Finance to buy Bank of Queensland's NZ assets worth $238m

UDC Finance to buy Bank of Queensland's NZ assets worth $238m
UDC chief executive Don Atkinson says the assets align with its core business.
Staff reporters
The Bank of Queensland is selling its $238m New Zealand portfolio to non-bank lender UDC Finance.In a statement to the Australian stock exchange on Friday, the bank said the move was part of its plan to simplify and streamline its operating model, and reduce compliance by exiting “a small, non-core lending portfolio in an overseas jurisdiction”.Under the sale agreement the bank will sell its assets at 91% of the book value.Bank of Queensland business banking group executive Chris Screen said it was pleased to have secured a buyer in...

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