Macquarie says 'arrivederci' to Italian mortgages
Macquarie Bank has signed an agreement to sell its portfolio of Italian mortgages, with the transaction expected to be completed by the end of this month.
The group announced earlier this year that it would wind back its Australian residential mortgage business in the face of increased funding costs.
Macquarie will now book a net after tax charge of approximately $70 million, reflecting a loss on the sale of the portfolio, which Macquarie said had a book value of approximately $2 billion.
The $70 million charge also reflects the write-off of loan acquisition costs, the group said. The group said it had already provided for restructuring and redundancy costs.
Last month Macquarie announced it would sell its investment lending business in Australia in the face of increasingly difficult market conditions.
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