UDC deposits shrink as ANZ ownership question weighs on some investors

Tue, 13 Dec 2016

By Paul McBeth Dec. 14 (BusinessDesk) - UDC Finance's deposits shrank in the latest financial year as the question mark hanging over Australia & New Zealand Banking Group's ownership of the country's biggest finance company saw a reduction in investments by external advisers. The Auckland-based non-bank deposit taker's debenture funding shrank to $1.59 billion as at Sept. 30 from $1.74 billion a year earlier, reducing its share of deposits among finance companies to 57 percent from 61 percent a year earlier. At the same time, UDC's loan...

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