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  HOME | Business & Economy (Click here for more)

Chinese Conglomerate to Buy ANZ New Zealand’s UCD Finance

SYDNEY – Chinese conglomerate HNA, largest shareholder of the Spanish hotel chain NH, has signed a deal to purchase financial agency UCD, belonging to ANZ Bank New Zealand, business sources said on Wednesday.

ANZ New Zealand said in a statement that the acquisition, which is the first incursion of the HNA group in New Zealand, is worth NZ$660 million (US$461 million).

The agreement, which is still pending approval, is expected to be completed in the second half of the year, according to online news portal Scoop.

The sale price is NZ$235 million above the net assets of UDC, Scoop reported.

“The sale of UDC is consistent with our strategy to simplify the bank and is a good outcome for customers and staff,” ANZ New Zealand chief executive David Hisco said, emphasizing that “HNA is well placed to invest in specialist asset finance products and systems.”

HNA, which began as a regional airline in China and became a global conglomerate with more than 200,000 employees in North America, Europe and Asia, plans to maintain the UDC operations together with its employees and customers.

 

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