Japan's Shinsei Bank to buy New Zealand's UDC Finance for $480m

Auckland, New Zealand. Photo by Kirsten Drew on Unsplash

Shinsei Bank Ltd said it will buy New Zealand’s top non-bank finance provider, UDC Finance Ltd, for $480 million in its biggest overseas acquisition to date and marking the latest asset purchase by a Japanese company eager to move beyond a low-growth home market.

The planned sale also relieves owner Australia and New Zealand Banking Group Ltd of an asset it has tried to offload several times, part of a broad push by Australia’s banking sector to focus on core services like mortgages and to limit regulatory problems.

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