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.
AUTHOR
By Beaman
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