ANZ continues to spin off business operations as part of its restructuring moves, which have seen it sell its Asian wealth unit.

Australia and New Zealand Banking Group, which last year shed its Asian wealth and retail banking arms in a radical restructuring, is continuing to spin off businesses. It has agreed to sell its asset finance operation of ANZ New Zealand, it said yesterday.

The business being sold is UDC Finance; it is being purchased by HNA Group, a global company focused on tourism, logistics and financial services, ANZ said in a statement. The sale price was NZ$660 million ($462.4 million).

The bank said the sale was part of its "continued focus...on simplifying its business and capital efficiency".

ANZ last week said it had reached a deal to sell its 20 per cent stake in Shanghai Rural Commercial Bank to China COSCO Shipping Corporation and Shanghai SinoPoland Enterprise Management Development Corporation. The sale, agreed on 31 December 2016, is subject to customary closing conditions and regulatory approvals and is expected to be completed by mid-2017.

Last October, ANZ sold its Asian wealth and retail banking businesses to Singapore-headquartered DBS, becoming the latest firm to dispose of Asian wealth management businesses.