UDC Finance Limited is a finance company in New Zealand. UDC's main expertise is now in providing asset-backed finance for plant, vehicles and equipment, where it does not rely on land or buildings as security. It is a subsidiary of SBI Shinsei Bank.
History
UDC was founded in 1938 as Financial Services Limited by Otto Simon Heymann.[1] In May 1938 Financial Services was the organiser and sponsor of the flotation of Todd Motors Corporation.[2] Government policy of the day prohibited the issue of new banking licences so Financial Services obtained registration as a moneylender in August 1938[3] and began investing in hire purchase contracts with a special interest in New Zealand's secondary industry.[4]
In order to establish international ties and better access to capital for New Zealand businesses