ANZ completes UDC sale

UDC Finance chief executive Wayne Percival said the sale to Shinsei Bank for NZ$794 million would position UDC to continue as New Zealand’s largest non-bank lending institution.

“Shinsei Bank’s strong funding, international experience and reach, coupled with its deep asset finance experience, will be a real advantage in accelerating the growth of UDC in New Zealand,“ Percival said.

UDC Finance has approximately 82,000 active borrowers with loans totalling over NZ$3.3 billion and employs 225 staff throughout New Zealand.

Shinsei Bank Group is a diversified financial group that operates asset financing, and vehicle lending businesses similar to those of UDC within Japan and offshore.