30 April 2010
Macquarie Group Limited (ASX: MQG, ADR: MQBKY) today announced that Macquarie Bank Limited (Macquarie) has acquired a portfolio of retail auto leases and loans from GMAC Australia, the Australian auto finance subsidiary of GMAC Inc.
The portfolio, comprised of loans and leases for approximately 60,000 cars, has a value of approximately $A1 billion and is being purchased at an undisclosed discount which reflects an appropriate risk adjusted return.
The portfolio will be managed by Macquarie Leasing, a division of Corporate and Asset Finance (CAF). CAF is Macquarie’s finance and asset management services business, and had assets and leases under management of $A13.6 billion, as at 31 March 2010, covering sectors including information technology, communications, security, medical, manufacturing, energy, motor vehicles, rail, and aviation engines. The acquisition consolidates CAF's position as one of the larger independent providers of leases and loans for automobiles in Australia with approximately 260,000 contracts.
Macquarie Group Chief Financial Officer, Greg Ward said: "Several motor vehicle financiers, including GMAC, ceased originating retail and wholesale new business in Australia during 2008 and 2009. Macquarie's purchase of the GMAC Australia portfolio follows our purchase of the $A1 billion Ford Credit Australia portfolio in October 2009. During the past seven months, Macquarie has purchased a total of 120,000 auto leases and loans in Australia valued at around $A2 billion."
Since its inception in 1998 Macquarie Leasing has focused on providing financing to small to medium enterprises. Macquarie Leasing has grown each year and during the past 12 months wrote new business of $A1.8 billion, with the majority of contracts being for motor vehicle finance.
Macquarie Group (Macquarie) is a global provider of banking, financial, advisory, investment and funds management services. Macquarie's main business focus is making returns by providing a diversified range of services to clients. Macquarie acts on behalf of institutional, corporate and retail clients and counterparties around the world. Macquarie Group Limited is listed in Australia (ASX:MQG; ADR:MQBKY) and is regulated by APRA, the Australian banking regulator, as the owner of Macquarie Bank Limited, an authorised deposit taker. Founded in 1969, Macquarie employs more than 14,600 people in approximately 70 office locations in 28 countries. At 31 March 2010, Macquarie had assets under management of $A326 billion.
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