Mac Bank buys 51% stake in OzForex
(18 June 2007 - Australia) Macquarie Bank has bought a 51 percent stake in foreign exchange provider OzForex for an undisclosed sum.
The deal will allow OzForex to speed up its offshore expansion plans, particularly in the UK, and allow Macquarie to provide FX services to its 670,000 retail financial services customers.
OzForex has been operating since 1998 and has offices in Sydney and London and plans to open an office in Canada next month.
Two Macquarie directors are set to join the OzForex board and Macquarie division director Neil Helm will take up the position of OzForex chief executive officer in Sydney.
OzForex has been operating since 1998 and has offices in Sydney and London and plans to open an office in Canada next month.
Two Macquarie directors are set to join the OzForex board and Macquarie division director Neil Helm will take up the position of OzForex chief executive officer in Sydney.
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