April 22 (Reuters) – Australian financial conglomerate Macquarie Group (MQG.AX), opens new tab said on Monday its banking and financial services unit will stop new car loans through direct, broker and novated lease channels in a bid to prioritise growth of home loan and deposit offerings.
“This decision will enable us to further prioritise the growth of our home loan and deposit offerings,” Ben Perham, Macquarie’s head of personal banking, said in a statement, opens new tab.
Macquarie’s Banking and Financial Services Group, which contributed 15.5% to the infrastructure investor’s fiscal 2023, opens new tab net operating income of A$19.12 billion ($12.33 billion), said the change will not impact existing customers.
Car loan applications through direct as well as broker and novated leasing channels are required to be settled before May 17, Macquarie said.
Macquarie shares were trading 1.3% higher at A$185.750 as of 0154 GMT.
Source: REUTER
