ANZ today announced it has successfully completed the sale of its asset finance business in New Zealand, UDC Finance, to Shinsei Bank Limited (Shinsei Bank).
The sale, originally announced in June 2020, followed a strategic review by ANZ Bank New Zealand and is in line with ANZ's strategy to simplify its business.
The transaction, which provides ~10bps of Level 2 Group CET1 capital[1], will further strengthen ANZ New Zealand's balance sheet position.
[1] CET1 impact post-RBNZ capital changes is ~15pts. The profit and loss impact of the sale of UDC will be included in ANZ's Cash Profit and highlighted as a Large / Notable item. UDC transaction and financial summary was provided in ANZ's news release of 2 June, 2020
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