ANZ says it will not pursue float of NZ's UDC

ANZ will not now pursue a share market float of its heavy equipment finance arm, UDC Finance. Photo/Hawke's Bay Today. .

ANZ said it would not now pursue an initial public offering (IPO) of UDC Finance, following the completion of a strategic review of the business.

UDC is a wholly-owned subsidiary of ANZ Bank New Zealand and is the leading asset finance company funding plant equipment, vehicles and machinery in New Zealand.

ANZ announced in March that it was exploring a range of options for UDC's future, including a possible initial public offering of ordinary shares.

ANZ New Zealand chief executive David Hisco said UDC had continued to perform strongly while the bank had been looking at its strategic options.

"While we may still consider a sale in the future, we have decided to put a hold on all sale discussions for now and focus on continuing to grow the business," he said in a statement.