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Market:	ASX
Sector:	Banks
EPIC:	MQG
Latest Price:	26.71 (3.13% )
52-week High:	39.91
52-week Low:	20.03
Market Cap:	9,302.69M

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Macquarie Group

Macquarie Group provides specialist investment advisory and financial services in select markets around the world.

Macquarie Group sells margin lending business to Bendigo & Adelaide Bank

Thursday, January 08, 2009 by Proactive Investors

Macquarie Group (ASX:MQG) has announced that its banking subsidiary, Macquarie Bank Limited, has signed an agreement to sell the bulk of its margin lending portfolio worth $1.5 billion to Leveraged Equities, a wholly owned subsidiary of Bendigo and Adelaide Bank (ASX:BEN). The portfolio is the fourth largest margin lending books in Australia.

For BEN, the acquisition is EPS accretive in year one, increasing customers form 17,000 to 30,000.

Leveraged Equities has agreed to acquire the $1.5 billion loan portfolio for a premium of $52 million.
Macquarie will receive the premium consideration in the form of short dated convertible preference
shares issued by Bendigo and Adelaide Bank Limited.

Bendigo and Adelaide Banks perceives significant organic growth opportunities with still low market penetration and distribution through the Bendigo and Adelaide Bank retail network. Approximately 7.6m Australians directly own shares, but only 202,000 have margin lending accounts. The lending book was purchased at a time of depressed equity market sentiment with significant upside potential.

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