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Brief: ANZ finally offloads UDC

ANZ Bank New Zealand has completed the sale of its vehicle and asset finance business UDC Finance to Shinsei Bank for NZ$794 million following Overseas Investment Office (OIO) approval. Former Westpac Banking Corporation CEO Dr David Morgan has joined the board as chairman of what is New Zealand’s largest non-bank lending institution. The completed sale follows a previous attempt to sell UDC to China's HNA Group: that sale was blocked by the OIO.

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