ANZ has agreed to sell New Zealand subsidiary UDC Finance to China’s HNA Group for about NZ$660 million ($460 million), the Australian bank said on Wednesday, as part of its efforts to streamline its business.
ANZ expected the sale to be completed in the second half of 2017, it said in a statement, though it was subject to regulatory approvals.
“The sale of UDC is consistent with our strategy to simplify the bank,” ANZ New Zealand CEO David Hisco said in a statement.
Last week, ANZ agreed to sell its 20-percent stake in Shanghai Rural Commercial Bank Co Ltd for A$1.8 billion (RM5.8 billion).
The bank is also considering the sale of its Australian wealth and life insurance business, valued by the bank at A$4.5 billion ($3.3 billion).
ANZ CEO Shayne Elliott has said he wants the bank to be better capitalised and to focus on areas where it has the strongest competitive position.