UDC Finance sold to Shinsei Bank
ANZ BANK NEW ZEALAND HAS completed the sale of vehicle and asset finance business UDC Finance to Shinsei Bank, following Overseas Investment Office approval of the sale.
UDC Finance chief executive Wayne Percival says the $794million sale will position UDC to continue as NZ’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 NZ,” says Percival.
UDC Finance has around 82,000 active borrowers, with loans totalling over $3.3billion and employs 225 staff throughout NZ.
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.”
CEO Hideyuki Kudo says Shinsei Bank believes “UDC is a standout performer and will be a major asset” for the Group.
It will, he adds, “continue to operate as an independent finance company and we are taking a longterm approach to building and growing UDC in NZ.”
The intention is “to retain all UDC staff, retain all operations in NZ and provide the capital needed to grow our funding to our customers.”
A partnership agreement will see “UDC continuing to be ANZ’s asset finance partner and we are jointly committed to supporting shared customers,” he says.
Percival says UDC will now have the support of “the global expertise and strength of Shinsei Bank, to deliver critical asset funding that will help to fuel our economic recovery.
“Shinsei Bank will be growing the company in NZ, which is great. They like and understand the industries UDC operate in – construction, aviation, road freight, forestry and the automotive industry.”
T&D