Bank of Queensland to sell NZ asset portfolio for $217m
The sale from BoQ to UDC Finance forms part of the latter’s plan to scale up lending in NZ.
The decision to sell is part of BOQ’s strategy to focus on its core business.
Bank of Queensland will sell its $238 million New Zealand portfolio to Auckland-based UDC Finance at 91% of the book value which, assuming there is no great change in value by the sale date, gives a price of approximately $217m.
The decision to sell is part of BoQ’s strategy to focus on its core
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