No Surprises in ANZ Bank’s Sale of NZ Asset Finance Business. AUD 29 FVE Unchanged
The sale of Australian and New Zealand Banking Group’s asset finance business in New Zealand was well flagged, but the 1.6 times price/book value ratio impressed, resulting in an approximate AUD 100 million net gain on sale. The sale is consistent with new CEO Shayne Elliott’s strategy to dispose of noncore assets, improve balance sheet settings and boost return on equity. The transaction is a small deal for ANZ Bank and does not weaken our wide moat and medium uncertainty ratings. Our AUD 29 fa...Australia and New Zealand Banking Group provides a range of banking and financial products and services to retail, small business, corporate and institutional clients. Co. operates on a divisional structure with six divisions: Australia, Institutional, New Zealand, Wealth Australia, Asia Retail & Pacific and Technology Services & Operations and Group Centre. Co.'s core products offered include deposits, credit cards, loans, investments and insurance, retail products provided to consumers, and banking and financial solutions provided to business customers through managers, among others. As of Sept 30 2015, Co. had total assets of A$914,869,000,000 and total deposits of A$566,847,000,000.
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