|Decision maker||Overseas Investment Office|
|Decision date||1 August 2022|
|Pathway(s)||Significant business assets only|
|Investment||Vendors' automotive financing businesses, including all loans issued by the Vendors, intellectual property, goodwill, and business records.|
UDC Finance Limited
Euro Rate Finance Limited, European Wholesale Finance Limited and European Financial Services Limited
The Applicant is New Zealand's largest non-banking lending institution and has operated in New Zealand for over 80 years, having been incorporated on 1 April 1938. The Vendors provide financing to the customers of the Giltrap Group. The Applicant considers the acquisition of the assets to be a natural expansion of its existing motor vehicle financing business. The acquisition of the Vendors assets will further diversify and strengthen the Applicant's brand portfolio and core business.
The Applicant has satisfied the requirements of the investor test.