Sydney, 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.