ANZ has signed an agreement to sell UDC Finance, the asset finance business of its wholly owned subsidiary ANZ Bank New Zealand, to HNA Group.

The deal includes the Esanda name and trademarks in Australia and New Zealand.

The sale is part of the bank’s strategy to simplify its business and capital efficiency.

ANZ New Zealand CEO David Hisco said: “The sale of UDC is consistent with our strategy to simplify the bank and is a good outcome for customers and staff. HNA Group is one of the world’s largest asset finance and leasing companies, and it intends to preserve UDC’s operations including offering continued employment to all staff.”

The sale is subject to closing steps and conditions including engaging with investors on the replacement of the Secured Investment program and regulatory approvals.

The deal is expected to be completed late in the second half of the 2017.