announced late last week that its agreement to sell UDC Finance to the HNA Group would not proceed.
The bank’s announcement comes on the back of the Overseas Investment Office’s announcement on 21 December that declined the acquisition.
NZ chief executive David Hisco said: “Following the termination of the agreement with HNA, we’ll continue to assess our strategic options regarding the future of UDC, although there is no immediate requirement to do anything.”
Hisco said it would be business as usual for the bank’s staff and customers.
He added that UDC continued to be a “very profitable business with a strong capital position and a growing loan portfolio across a range of industries”.
“Its focus remains on its core business of financing vehicles and equipment for people and companies across New Zealand,” Hisco said.
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