UDC jettisons Endeavour in quest for modern look

By PAUL PANCKHURST

Captain Cook's ship is sailing away from UDC, the country's biggest finance company.

The company's Endeavour logo is being phased out, replaced by an abstract design intended to say "modern" and "moving forward".

General manager Garry Fissenden said customer research had suggested the branding of the 68-year-old company was looking "a bit tired".

Fissenden, 43, took over at UDC four months ago after Brent Knight resigned to join a competitor, Strategic Finance.

Fissenden said he saw growth for the company through increased lending to "less traditional" customers.

UDC, owned by the ANZ, is known for financing "anything with wheels on it", playing a big role in the transport sector.

It mostly finances plant, machinery and equipment.

Fissenden cited the printing industry and IT equipment as examples of areas where the company could lend more.

UDC is at the top end of the finance companies, with an investment grade rating, AA-, from Standard and Poor's.

Fissenden was previously general manager of operations and technology for Esanda Finance, also owned by the ANZ and described as Australia's largest asset-based finance company.

In the year to September 2003 UDC reported a bottom line profit of $42 million, an increase of 37.5 per cent.

The company's net loans and advances stood at more than $2 billion.