WELLINGTON: HNA Group, one of China’s most acquisitive conglomerates, said it would extend its reach to New Zealand with the US$460mil purchase of asset finance firm UDC, prompting an immediate credit rating downgrade for the nation’s biggest non-bank lender.
HNA, best known as the owner of Hainan Airlines Co, said the NZ$660mil acquisition from ANZ Banking Group offered significant growth opportunities in Australia and New Zealand and would create synergies in its leasing business.
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