World Economy

ANZ to Sell Loans

ANZ to Sell LoansANZ to Sell Loans

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.