UDC Finance To Purchase The New Zealand Assets Of Bank Of Queensland
UDC Finance Limited (UDC) has signed an agreement with Bank of Queensland Limited (BOQ) to purchase the New Zealand loan book and other New Zealand assets originated by BOQ Finance (NZ) Limited and BOQ Equipment Finance Limited. Regulatory approval for this transaction has been received from the Overseas Investment Office (OIO).
UDC Finance Chief Executive, Don Atkinson, says “We are excited to acquire a book that aligns to our core business and is comprised of high-quality customers. The BOQ New Zealand team have done a great job of building this business, we’re looking forward to working with them and the network of distribution partners.”
BOQ Group Executive Business Banking, Chris Screen, said: “We are pleased to have secured a buyer in UDC, the largest non-bank lender and a leading asset finance business in NZ, that will continue to serve and provide a high level of support for these customers and employees.”
The transaction is expected to complete in the first half of 2024.