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Russell McVeagh Advises On ANZ's Sale Of UDC
Russell McVeagh is pleased to have advised ANZ Bank New Zealand Limited (ANZ NZ) on the sale of its asset finance business, UDC Finance Limited, to Japan's Shinsei Bank for NZ$762 million.
ANZ NZ's sale of UDC forms part of its strategy to simplify its business and will release more than NZ$2 billion of funding, further strengthening ANZ NZ's balance sheet position.
ANZ NZ CEO Antonia Watson said that the purchase of UDC by Shinsei Bank is a significant vote of confidence in the New Zealand economy.
"With a strong outlook for infrastructure and agriculture projects as the New Zealand economy rebuilds post-Covid-19, there is a significant role for UDC to play. As such, it needs an owner that can invest in and grow the business," she said.
The team that advised on ANZ NZ on the transaction was led by partners Ian Beaumont (Corporate), Deemple Budhia (Finance) and Fred Ward (Tax), along with Hamish Beckett, Lucy Clifford, Kristina White and Ryan Howlett (Corporate), Jesse Fairley, Lucy Becke, Ling Yan Pang and Millie Bidwill (Finance) and Callum Burnett and James Horner (Tax), as well as others throughout the firm.
More information on the sale is available here.
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