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HNA's financial sector push suffers new blow as ANZ axes unit's sale deal


By Sumeet Chatterjee and Ambar Warrick(Reuters) - Australia and New Zealand Banking Group Ltd has dropped plans to sell its vehicle finance unit to HNA Group after New Zealand blocked the $460 million deal last month over concerns about the Chinese conglomerate's ownership structure.HNA had agreed to buy UDC Finance, New Zealand's largest non-bank lender, early last year. But in December New Zealand's Overseas Investment Office cited uncertainty over HNA's ownership structure for the rejection.The failed bid for UDC Finance adds to recent setbacks that the aviation-to-property Chinese ...

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First Published: Fri, January 12 2018. 11:10 IST