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Additional Information
Market: ASX
Sector: Banks
Epic: MQG
News: Latest news
Web Site: Macquarie Group
Other Articles: 25-05-200901-05-200905-02-2009

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Saturday March 13, 08:47Premium risk at Prudential

Insurance giant Prudential has stolen the headlines this week, after their decision to buy AIA, the Asian life business of US insurer AIG, has attracted a mixed response from shareholders.

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Friday March 12, 07:58Lithium and rare earths markets poised for growth

Right now, the world relies almost completely on China for its rare-earth supply. The Chinese have made it clear that they want to keep more supply for themselves as they try to be the world leader in green technology

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Friday March 12, 07:51White Energy enters coal deal with China Guodian Group

White Energy Company (ASX: WEC; OTCQX: WECFY) has inked a non-binding heads of agreement with state owned Guodian Inner Mongolian Energy Sources Co Limited to develop a coal upgrading [...]

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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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