China's HNA buys NZ lender UDC

Sydney

HNA Group, one of China's most acquisitive conglomerates, said it would extend its reach to New Zealand with the US$460 million purchase of asset finance firm UDC, prompting an immediate credit rating downgrade for the nation's biggest non-bank lender.

HNA, best known as the owner of Hainan Airlines Co, said the NZ$660 million (S$669 million) acquisition from ANZ Banking Group offered significant growth opportunities in Australia and New Zealand and would create synergies in its leasing business.