| Decision | Consent granted Section 13(1)(c) Overseas Investment Act 2005 |
|---|---|
| Decision maker | Toitū Te Whenua Land Information New Zealand |
| Decision date | 18 January 2024 |
| Pathway(s) | Significant business assets only |
| Investment | Acquisition of the structured finance portfolio of BOQ Finance (NZ) Limited and BOQ Equipment Finance Limited. |
| Consideration | The Purchase Price is 91% of book value, subject to completion date adjustments. As at 31 January 2024, the portfolio size was NZ$238 million (equivalent to A$221 million). |
| Applicant | UDC Finance Limited Japan (77%) United States of America (12%) United Kingdom (5%) Various (6%) |
| Vendor | BOQ Finance (NZ) Limited & BOQ Equipment Finance Limited Australia (99%) New Zealand and various (1%) |
| Background | The Applicant is a non-bank lending institution operating in New Zealand and is 100% owned by Japanese Company, SBI Shinsei Bank, Limited. The Applicant provides asset-backed finance for plant, vehicles and equipment. The Applicant is acquiring the structured finance portfolio of BOQ Finance (NZ) Limited and BOQ Equipment Finance Limited. The Investment is considered an organic expansion of the Applicant's existing financing business in New Zealand. Consent was granted as the Applicant has met the investor test criterion. |
| More information | Emily Murray-Joubert Russell McVeagh (Auckland) PO Box 8 Auckland 1140 |