October 30, 2018 / 8:59 PM / 14 days ago

ANZ decides against IPO for NZ vehicle finance unit

Oct 31 (Reuters) - Australia and New Zealand Banking Group said on Wednesday it would not pursue an initial public offering (IPO) of its New Zealand-based vehicle finance unit UDC.

ANZ had earlier this year said it was exploring various options for UDC, including an IPO of ordinary shares following the failed sale of the business to China’s HNA Group.

ANZ’s Chief Executive Officer David Hisco said the idea of an IPO was scrapped after a “strategic review”, adding “...we may still consider a sale in the future”.

Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by Emelia Sithole-Matarise

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