Macquarie Exits Car Financing to Focus on Retail Banking
(22 April 2024 – Australia) Macquarie Bank has announced that it is winding down its car lending business to focus on growing deposits and home loans
The Australian lender will no longer offer to write new car loans for individuals or businesses as of this week, with brokers having until mid-May to fund existing applications. The move is part of a divestment strategy which will allow Macquarie to focus on growing term deposits and home loans.
Macquarie’s car loan book had reached a sizeable A$15.2 billion in gross loans and advances in 2019 but had fallen to A$4.8 billion as of 31 December 2023. The bank has previously divested from this area, offloading their dealer finance business to Allied Credit in 2021, which consisted of A$670 million in loans.
“This decision will enable us to further prioritise the growth of our home loan and deposit offerings. Our leading digital experiences for those products are built on best-in-class technology platforms and we see significant opportunity to continue investing in them to attract more customers to Macquarie” commented Macquarie Head of Personal Banking, Ben Perham.
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