The Sydney Morning Herald reported that Australian-based ANZ Bank sold UDC Finance, its New Zealand equipment financing division, to China’s HNA Group in a deal valued at $628 million.
The Herald said that ANZ by selling UDC Finance, it took a gain of $100 million.
The Herald noted that ANZ’s core markets, which it is aiming to focus on, are retail, commercial and institutional banking which UDC does not fall under.
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