Shinsei said small-scale finance was a focus area and UDC, which sells auto and machinery financial products, was similar to several of its domestic finance units.
SYDNEY: Shinsei Bank Ltd said it will buy New Zealand’s top non-bank finance provider, UDC Finance Ltd, for US$480mil in its biggest overseas acquisition to date and marking the latest asset purchase by a Japanese company eager to move beyond a low-growth home market.
The planned sale also relieves owner Australia and New Zealand Banking Group Ltd of an asset it has tried to offload several times, part of a broad push by Australia’s banking sector to focus on core services like mortgages and to limit regulatory problems.
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