Macquarie sells investment lending business
Macquarie Bank is selling its investment lending business in Australia in the face of increasingly difficult market conditions.
A statement from the group said the move follows Macquarie’s decision in March to wind back its mortgage business, reflecting “the increased cost of funding associated with changed financial market conditions over the past year”.
Macquarie said the sale would allow it to focus on its more profitable businesses.
The group said while the lending business is a market leader, it accounts for less than 1 per cent of the group’s profits.
Macquarie said it is in discussions with potential buyers about the creation of a strategic partnership to allow it to continue to provide investment loan products to its clients.
Recommended for you
The Australian Financial Complaints Authority has reported an 18 per cent increase in investment and advice complaints received in the financial year 2025, rebounding from the previous year’s 26 per cent dip.
EY has broken down which uses of artificial intelligence are presenting the most benefits for wealth managers as well as whether it will impact employee headcounts.
Advice licensee Sequoia Financial Group has promoted Sophie Chen as an executive director, following her work on the firm’s Asia Pacific strategy.
The former licensee of Anthony Del Vecchio, a Melbourne adviser sentenced for a $4.5 million theft, has seen its AFSL cancelled by ASIC after a payment by the Compensation Scheme of Last Resort.
