Japan’s Shinsei Bank to buy UDC for $762m

Japan’s Shinsei Bank to buy UDC for $762m
Paul McBeth
Japanese financier Shinsei Bank is trying its hand at buying ANZ Bank New Zealand’s UDC Finance unit almost two-and-a-half years after China’s HNA Group was blocked by the Overseas Investment Office. The $762 million sale price is $100 million more than HNA offered in January 2017, although UDC's net assets rose 50 percent between Sept. 30, 2016 and March 31 this year from $424 million to $637 million. The price-to-book ratio of Shinsei's offer is 1.2 times versus the Chinese firm’s 1.6 times. Shinsei’s offer is a $125 million premium to...

More Finance

Budget 2024: tax relief on, surplus further off
Finance

Budget 2024: tax relief on, surplus further off

The package will be less generous than National’s election campaign promises.

Pattrick Smellie 27 Mar 2024
New Guardians of NZ Super CEO appointed
Finance

New Guardians of NZ Super CEO appointed

Townsend will be its first external CEO appointment since Adrian Orr in 2007.

Staff reporters 27 Mar 2024
Russia’s backdoor to the global banking system slamming shut
Finance

Russia’s backdoor to the global banking system slamming shut

Major Dubai lender has scaled back Moscow business, and Turks are now more cautious.