ANZ is looking at spinning off and floating its UDC Finance business after New Zealand regulators blocked an attempt to sell it to China's HNA.
The lender on Tuesday said an initial public offering was among the options for the unit, which is a wholly owned subsidiary of ANZ Bank New Zealand.
HNA, whose regional investments include a 19.8 per cent stake in Virgin Australia, offered $NZ660 million ($A619.4 million), but NZ's Overseas Investment Office knocked back the sale because of worries about the Chinese conglomerate's ownership structure.
ANZ New Zealand chief executive David Hisco said the bank was now looking at whether an IPO would be in the interests of UDC's staff and customers, but stressed that ANZ was not in a rush to offload a business that was performing well.
"After last year's planned sale to HNA did not proceed, it makes sense to keep examining a broad range of options for UDC's future," Mr Hisco said.
"The range of strategic options we have for UDC, including approaches we have received regarding the business and the option of retaining it, will take a number of months to examine before any decision is made."
UDC, which has been owned by ANZ since 1980, offers car loans, asset finance and other loans.
ANZ last week said it was suspending asset finance loans for retail customers in Australia from April 30 while it reviewed the business.
Any divestment would be the latest in a series under chief executive Shayne Elliott, who has already offloaded ANZ's superannuation business, some financial planning, consumer credit insurance, and retail and wealth businesses in six Asian countries.
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