Global bank headquartered in Sydney

Macquarie Bank has signalled that it will be going to shareholders in the December quarter of this year to seek approval for a significant restructuring of the company involving a new listed entity aimed at assisting with a more global approach.

However, in doing so, the company has decided to remain headquartered in Sydney on the basis of Macquarie becoming an Australian-based global operator.

The bank first flagged the restructure last year and its chairman, David Clarke, used the annual general meeting (AGM) in Sydney today to announce that an application had been filed in February for the establishment of a non-operating holding company.

He said a number of approvals were still required and a number of small issues remained to be resolved and that, at this stage, it was anticipated Macquarie would be seeking shareholder approval in the December quarter.

Clarke said the bank was in discussions regarding the funding facilities required for the non-operating holding company and it was also in discussion with ratings agencies.

Clarke also used his AGM address to defend the company’s remuneration policies, arguing that the bank’s remuneration formula had been driving outstanding shareholder returns at the same time as attracting and retaining the highest quality staff.