Citing a bank spokesman, Reuters reported that Australia and New Zealand Banking Group (ANZ) is weighing “strategic options for UDC Finance, its plant and equipment financing unit.
Reuters said that although ANZ has not decided if it will sell, Deutsche Bank has been evaluating potential buyers on ANZ’s behalf.
Reuters noted that this news comes at a difficult time for Australian banks, including ANZ, due to slowing credit growth, narrowing profit margins and stricter regulations.
Like this story? Begin each business day with news you need to know! Click here to register now for our FREE Daily E-News Broadcast and start YOUR day informed!