Australia & New Zealand Banking Group Ltd. is believed to have shortlisted bidders for its asset-backed finance provider, UDC Finance Ltd., The Australian Financial Review's Street Talk reported Dec. 22, citing sources.

U.S.-based Apollo Global Management Inc. and Cerberus Capital Management LP, among others, are understood to have been shortlisted for the second round of the auction, which is expected to commence in mid-January 2020.

Morgan Stanley is advising ANZ on the sale.

A spokesperson for the banking group declined to comment on the development, the newspaper added.