ANZ not pursuing UDC IPO

UDC is a wholly-owned subsidiary of ANZ Bank New Zealand and is the leading asset finance company funding plant equipment, vehicles and machinery in New Zealand.

ANZ announced in March it was exploring a range of options for UDC’s future, including a possible initial public offering of ordinary shares.

ANZ New Zealand chief executive David Hisco said: “UDC has continued to perform strongly while we have been looking at our strategic options. While we may still consider a sale in the future, we have decided to put a hold on all sale discussions for now and focus on continuing to grow the business.”