UDC Finance

Office address: Level 11/50 Albert Street, Auckland Central, Auckland 1010 
Website: udc.co.nz 
Year established: 1937 
Company type: financial services 
Employees: 250+ 
Expertise: asset finance, vehicle finance, equipment finance, dealer finance, commercial lending, investment products, fleet finance, agriculture finance, construction finance, manufacturing finance 
Parent company: SBI Shinsei Bank 
Key people: Don Atkinson (CEO), Shane Noone (CFO), Lawrence Proffit (COO), David Johnson (chief information officer), Gretchen Cotter (general counsel), Bruce Gadsby (head of IT), Heather Elliott (GM, HR) 
Financing status: corporate backed or acquired 

UDC Finance is based in Auckland and is one of New Zealand’s largest finance companies. The company supports key industries like transport, forestry, agriculture and manufacturing, helping local businesses and entrepreneurs grow for over 85 years. UDC is known for asset finance and plays a major role in New Zealand’s economy. 

History of UDC Finance 

UDC Finance started in 1937 as Financial Services Limited, focusing on hire purchase contracts to support local industry. The company built international ties by inviting the London-based United Dominions Trust to invest.  

This led to a name change to United Dominions Corporation and stronger global connections. Government rules on foreign ownership shaped UDC’s direction which helped it become a major finance company for New Zealand businesses. 

UDC Finance became a public company on the NZX, with ANZ taking control in the 1970s and owning it for decades. The company faced changes as Shinsei Bank acquired it in 2020. These shifts helped the firm adapt and grow in the finance sector. Today, it continues as a leading finance company in New Zealand under Shinsei’s ownership. 

After the sale to Shinsei Bank, UDC Finance joined the Financial Services Federation (FSF), which represents New Zealand’s non-bank financial institutions. This move connects the company with an industry group that promotes responsible lending. 

UDC set up major funding facilities to support auto and equipment loans, creating the country’s largest non-bank securitisation program. The company now issues asset-backed securities to attract more investors in New Zealand and Australia.  

Its loan portfolio is broad, covering many regions, sectors and asset types. In 2022, UDC Finance grew its lending and focused on helping customers shift to cleaner, low-carbon solutions. 

UDC Finance products and services 

UDC Finance specialises in asset-based lending and supports businesses across New Zealand. Their services help key industries grow and offer flexible finance options for many needs: 

• asset finance: loans for vehicles, plant, equipment and machinery to help businesses acquire essential assets 
• dealer finance: finance options available through a network of approved dealers nationwide for both individuals and businesses 
• vehicle finance: funding for cars, trucks and commercial vehicles, including both new and used options with flexible repayment terms 
• equipment finance: tailored finance for agriculture, construction and manufacturing equipment, structured to match business cash flow 
• investment products: secured term investments for investors seeking stable returns, backed by UDC’s asset base 

UDC Finance’s services reflect its commitment to supporting New Zealand’s business community and economy. The company has built lasting partnerships by supporting local businesses and helping them succeed for over 85 years. 

Company culture and values 

UDC Finance is known for a collaborative and supportive workplace that values diversity, inclusion and open communication. Below are some features of its workplace culture and environment: 

• diversity and inclusion: has several nationalities within the company and marks events like Diwali and International Women’s Day 
• flexible work arrangements: supports flexible working, which became more common after COVID-19 
• communication and teamwork: teams use regular chats and informal catch-ups to stay connected 
• leadership and development: described as authentic and supportive, with ongoing investment in infrastructure from Shinsei Bank 

These features help make UDC Finance a safe and inclusive workplace.  

About CEO Don Atkinson and key people 

Don Atkinson is the CEO of UDC Finance and joined the Financial Services Federation executive committee in 2023. He was previously COO and started as head of lending at UDC in 2009. Atkinson holds a bachelor’s degree in commerce from Victoria University of Wellington. 

Below are the leadership team members who support Atkinson in guiding UDC Finance: 

• Shane Noone leads as CFO, with deep expertise in financial analysis and product pricing 
• David Johnson serves as chief information officer, bringing over 35 years in business and technology innovation 
• Lawrence Proffit is the COO, with experience as general manager and national sales manager 
• Gretchen Cotter acts as general counsel and company secretary, with over eight years at UDC Finance and strong legal knowledge 
• Bruce Gadsby heads IT, after working as a business solutions manager at ANZ  
• Heather Elliott manages HR, known for guiding diverse businesses and building strong senior relationships 

UDC’s leadership team brings a range of experience across finance, technology, operations, legal, IT, and human resources. Each member has held senior roles in their respective fields, contributing to the company’s management and operations. 

The future at UDC Finance 

In early 2024, UDC Finance acquired Bank of Queensland’s New Zealand asset finance portfolio. This move expanded its customer base and strengthened its position in asset finance across the country. The acquisition sets UDC up for future growth and allows the company to offer more finance solutions to New Zealand businesses. 

In 2025, UDC Finance marked FSF’s 60th anniversary as a founding member, with CEO Don Atkinson praising the organisation’s role in raising industry standards and advocacy. UDC benefits from FSF’s focus on education, responsible lending and a unified industry voice. This partnership helps the company stay ahead with new products and support for underserved communities.