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Market: ASX
Sector: Banks
Epic: ASX:MQG
News: Latest news
Web Site: Macquarie Group
Other Articles: 01-05-200905-02-200908-01-2009

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Friday July 03, 07:01Commercial property: The contrarian view

The global recession has hit commercial real estate companies hard, with capital values falling 43.6% from their peak in June 2007.

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Thursday July 02, 10:45Rubicon Minerals, Eastmain Resources and Fission Energy to present at 7 July Investor Forum, Toronto, Canada

Our three presenting companies are well established mining companies with advanced stage assets. All three companies are well-funded and managed by a team of experienced professionals

 

 

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Macquarie Group

Macquarie Group

Macquarie Group provides specialist investment advisory and financial services in select markets around the world.
Thursday, January 08, 2009

Macquarie Group sells margin lending business to Bendigo & Adelaide Bank

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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