01 October 2009
Macquarie Bank Limited (Macquarie) today announced it has completed the acquisition of a portfolio of auto leases and loans from a leading Australian automotive financier.
The value of the portfolio is approximately $1.0 billion and it is comprised of loans and leases for approximately 60,000 cars.
Management of the portfolio will be transitioned to the operations of Macquarie Leasing, a business unit of Corporate and Asset Finance by January 2010. Until the transition, the portfolio will be managed by the seller. Financial close occurs today.
The acquisition positions Macquarie Leasing as one of the largest providers of car finance in Australia, with approximately 200,000 vehicles financed or managed by Macquarie Leasing.
Garry Farrell, Head of Corporate and Asset Finance said: "The economic cycle has provided an opportunity for Macquarie to increase its existing leasing and finance businesses by making this acquisition. Strengthening our existing businesses, in Australia and overseas, and broadening our portfolio of businesses is now the focus."
Lloyd Thomas, Managing Director of Macquarie Leasing said: "This acquisition significantly expands our existing auto leasing portfolio of 140,000 contracts with a portfolio from a strong issuer. We have a proven track record and 12 years experience developing financial products and offerings for the auto leasing sector. This purchase allows us to offer these services to a broader market."
Macquarie was advised by Macquarie Capital Advisers.
About Corporate and Asset Finance
Corporate and Asset Finance provides finance and asset management services to clients across the globe in relation to niche assets in a range of sectors such as utilities, information and communication, manufacturing, medical, science and transportation. Corporate and Asset Finance's client base comprises a broad range of government, semi-government and corporate clients across Australasia, North America, Europe and Asia. Corporate and Asset Finance has a team of over 550 staff across 11 countries.
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. Macquarie also owns a bank in the UK, Macquarie Bank International, which is regulated by the FSA. Macquarie's activities are also subject to scrutiny by other regulatory agencies around the world.
Founded in 1969, Macquarie operates in more than 70 office locations in 26 countries. Macquarie employed approximately 12,700 people and had assets under management of $A243 billion at 31 March 2009.
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