Mac Bank treasury and commodity business looks overseas
(17 June 2005 – Australia) Macquarie Bank said it is eyeing overseas markets in a bid to boost growth in its treasury and commodity business, which trades in futures and foreign exchange.
The bank said the division contributed 13 percent to its overall profit last tear but that it wasn’t growing at the same rate as the rest of the bank.
As a result, Macquarie said it was looking at selective geographic expansion, using a similar strategy to other divisions within the bank that had proved successful.
The bank cited the example of its partnership with Abu Dhabi commercial bank in the United Arab Emirates. It said such a joint venture gave the bank entry into the affluent investor market in the UAE as well as other Gulf countries.
Macquarie said foreign exchange and interest rates were the primary focus but it would also consider rolling out investor products suited to the commodities business in those markets.
As a result, Macquarie said it was looking at selective geographic expansion, using a similar strategy to other divisions within the bank that had proved successful.
The bank cited the example of its partnership with Abu Dhabi commercial bank in the United Arab Emirates. It said such a joint venture gave the bank entry into the affluent investor market in the UAE as well as other Gulf countries.
Macquarie said foreign exchange and interest rates were the primary focus but it would also consider rolling out investor products suited to the commodities business in those markets.
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