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AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED

(ANZ)
  Report
Delayed Australian Stock Exchange  -  02:10 2022-09-30 am EDT
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Australia and New Zealand Banking : ANZ agrees to sell UDC Finance

01/10/2017 | 03:53pm EDT
News Release

For release: 11 January 2017

ANZ agrees to sell UDC Finance

ANZ today announced an agreement to sell UDC Finance, the asset finance business of its wholly owned subsidiary ANZ Bank New Zealand, to HNA Group, a global company focused on tourism, logistics and financial services.

The sale reflects a continued focus by ANZ on simplifying its business and capital efficiency.

ANZ New Zealand CEO David Hisco said: "The sale of UDC is consistent with our strategy to simplify the bank and is a good outcome for customers and staff. HNA Group is one of the world's largest asset finance and leasing companies, and it intends to preserve UDC's operations including offering continued employment to all staff."

UDC Transaction and Financial Summary

Sale Price

~NZ$660m

Premium to Net Assets (30/09/2016)

~NZ$235m

Price-to-Book Ratio (UDC net assets 30/09/2016)

~1.6 times

ANZBGL Net Gain on Sale (after transaction costs and release of goodwill)

~A$100 million

CET1 benefit (ANZBGL APRA CET1)

~10 basis points

CET1 Benefit (ANZ Bank New Zealand Limited)

~50 basis points

UDC financial summary (Financial Year 2016)1

  • Net Loans and Advances (30/09/2016)

  • Risk Weighted Assets (30/09/2016)

  • Customer Deposits (30/09/2016)2

  • Total Revenue

  • Profit Before Provisions

  • Net Profit after Tax

~NZ$2.6 billion

~NZ$2.4 billion

~NZ$1.6 billion NZ$120 million NZ$89 million

NZ$59 million

The transaction also includes the Esanda name and trademarks in Australia and New Zealand. The additional consideration for the name and trademark sale is not material to ANZ.

The UDC sale is subject to closing steps and conditions including engaging with investors on the replacement of the Secured Investment program and regulatory approvals. Completion is expected late in the second half of the 2017 calendar year.

For media enquiries:

Paul Edwards, +61-434-070101 Stephen Ries + 61-409-655551

For investor relations enquiries:

Cameron Davis +61-421-613819

1 UDC FY16 Financial Statements are available at https://www.udc.co.nz/pdf/Full-Financial-Statements-2016.pdf

2 Customer deposits are UDC secured investments.

Australia and New Zealand Banking Group Limited ABN 11 005 357 522

ANZ - Australia & New Zealand Banking Group Ltd. published this content on 11 January 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 10 January 2017 20:53:07 UTC.


© Publicnow 2017
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Sales 2022 18 331 M 11 810 M 11 810 M
Net income 2022 6 558 M 4 225 M 4 225 M
Net Debt 2022 - - -
P/E ratio 2022 10,3x
Yield 2022 6,26%
Capitalization 68 070 M 43 854 M 43 854 M
Capi. / Sales 2022 3,71x
Capi. / Sales 2023 3,43x
Nbr of Employees 39 529
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Number of Analysts 16
Last Close Price 22,80 AUD
Average target price 26,49 AUD
Spread / Average Target 16,2%
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Managers and Directors
Shayne Cary Elliott Chief Executive Officer & Executive Director
Farhan Faruqui Chief Financial Officer
Paul Dominic O'Sullivan Chairman
Gerard Florian Group Executive-Technology
Michael Liarakos Chief Compliance Officer