Australia And New Zealand Banking Group Limited (ASX:ANZ) has consented to sell its asset finance business in New Zealand, UDC Finance for NZD 762 million to Shinsei Bank Limited.
The price signifies a price-to-book ratio of 1.2x net tangible assets of NZD 637 million as of 31 March 2020. Moreover, the sale offers nearly AUD 439 million of Level 2 Group CET1 capital at settlement.
This sale will also provide over NZD 2 billion of funding offered by ANZ New Zealand for strengthening its balance sheet position.
There is no investor left unperturbed with the ongoing trade conflicts between US-China and the devastating bushfire in Australia.
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