Australia and New Zealand Banking Group on Monday said it plans to sell its Esanda dealer finance business, which includes A$8.3b ($6.51b) in loans to motor vehicle dealers, Reuters reported. “The sale of the Esanda Dealer Finance business is part of a broader group priority to actively manage our portfolio of businesses to ensure we use capital efficiently, as well as a focus on ANZ-branded products,” ANZ Australia CEO Mark Whelan said in a statement. The sale does not include the ANZ commercial broker, commercial asset finance or direct-to-consumer asset finance businesses, it added. ANZ is under pressure to free capital and is separately seeking to sell its minority stakes in Asian banks.
