HNA is a Chinese group and a Fortune Global 500 company focused on tourism, logistics and financial services.
ANZ NZ chief executive David Hisco said in a statement the sale followed a strategic review and was in line with the bank's strategy to simplify its business and focus on its core banking activities.
The purchase price of $660million represented a price-to-book ratio of 1.6times net assets of $425million.
''UDC is a great business which is performing well. We're extremely proud of what our teams have achieved over the years providing specialist asset-based finance to New Zealand businesses for plant, veicles and equipment.''
HNA did not operate in New Zealand and the sale would maintain competition in the asset finance and leasing market, which was good for customers, he said.
HNA intended to offer ongoing employment to all existing UDC employees and maintain existing customer lending.
The deal was subject to various approvals, Mr Hisco said.
Forsyth Barr broker Suzanne Kinnaird said the sale was a $235million premium to UDC's net asset backing and the 1.6times price-to-book ratio was higher than that of Heartland Bank, which was trading at 1.44times.
For a size comparison, UDC's net assets were about $425million while Heartlands' were about $500million.
''We remain comfortable with our current valuation of Heartland at $1.54 per share. The change in ownership at UDC may present short-term upsides to Heartland as new management settles in and seeks to adopt a new strategy.''
However, a more heavily growth-focused competitor with large offshore funding lines might represent longer-term competition, she said.
Forsyth Barr's rating on Heartland was ''underperform''. While the broking firm still liked the company and management and noted the execution rate had been strong, Ms Kinnaird said valuation remained challenging and uncertainty from a change in competitor now existed.
