Shinsei Bank, a diversified Japanese financial institution, agreed to acquire UDC Finance, a provider of asset-backed finance and investment products, from ANZ Bank New Zealand, New Zealand's largest financial-services group, for $477m. The deal is subject to regulatory approval and completion is expected in the second half of the 2020 calendar year. “I am very excited that UDC will become a part of the Shinsei Bank Group, in line with our non-organic growth strategy in this business area. In the Covid-19 ‘New Normal’, we are confident that UDC, as part of Shinsei Bank Group, will continue to grow and contribute to the development of the New Zealand economy and help people and businesses in New Zealand with their financial needs. Based on UDC’s long successful history, solid business base and efficient sales structure, UDC will be a major asset for the Shinsei Bank Group,” Hideyuki Kudo Shinsei Bank CEO.