ANZ to sell Esanda Dealer Finance

ANZ has announced the sale of Esanda Dealer Finance and will issue an information memorandum to potential bidders later this month. Proceeds are expected to be around A$1.5 billion

The sale includes $8.3 billion of lending assets, made up of point of sale finance, bailment facilities and other finance offered to motor vehicle dealers.

The bank said in a statement that it wanted to focus on ANZ branded products and manage its portfolio for capital efficiency.

The bank said it remained committed to providing asset finance. The sale does not include the ANZ commercial broker, commercial asset finance or direct-to-consumer asset finance businesses.