Shinsei Bank to buy UDC Finance

Wednesday 3 June 2020 15:41 CET | News

Australia and New Zealand Banking Group (ANZ) has decided to sell its New Zealand-based asset finance unit for USD 674 million to Japan-based Shinsei Bank.

The deal is expected to be sealed in the second half of the 2020 calendar year. The sale of UDC Finance provides about USD 422 million of Level 2 Group CET1 capital, according to THE BUSINESS TIMES. For ANZ, Level 2 as per regulatory supervision includes the capital of the group excluding associates, insurance, and funds management entities, among others.

For Shinsei Bank, it is one of the biggest overseas acquisition. The Japanese lender said in a statement that its consolidated capital adequacy ratio is expected to decline about 0.4% points once it acquires UDC Finance.

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Keywords: ANZ, Shinsei Bank, banks, Australia and New Zealand Banking Group, banks, banking, New Zealand, Australia, Japan, UDC Finance, CET1
Categories: Banking & Fintech
Countries: Australia, Japan, New Zealand
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Banking & Fintech

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