SYDNEY/TOKYO – Shinsei Bank Ltd. said it will buy New Zealand’s top nonbank finance provider, UDC Finance Ltd., for $480 million (¥51.7 billion) in its biggest overseas acquisition to date and marking the latest asset purchase by a Japanese company eager to move beyond a low-growth home market.
The planned sale also relieves owner Australia and New Zealand Banking Group Ltd. of an asset it has tried to offload several times, part of a broad push by Australia’s banking sector to focus on core services like mortgages and to limit regulatory problems.
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