Macquarie Group considers move to beat bank levy
(2 June 2017 – Australia) According to the Australian Financial Review (AFR), Macquarie Group, has not ruled out moving offshore following the Australian government’s plan to impose a $6.2 billion bank levy on the country’s largest lenders, however, has not yet made a final decision.
The bank did not rule out relocating after senior sources told the AFR that Macquarie Bank executives had relayed to at least one of the major political parties it was canvassing options for relocating overseas following the announcement of the bank tax in the May budget.
Asked to respond, a Macquarie spokeswoman left open the option.
"As we have said over the years, Macquarie consistently looks at the most appropriate locations for its businesses and head office," she said.
"Whilst approximately two-thirds of our business is outside Australia, it remains a key market and is where over 6000 of our approximately 13,600 staff are employed."
Macquarie has operations in 28 other nations with large presences in London, Hong Kong, New York and Singapore.
One source said its executives had informed politicians that while it had made no decision to relocate, it was drawing up options.
The bank’s operations in neighbouring Singapore include advisory and capital markets, asset finance, asset management, research and trading and warrants.
Across the region, the group operates in 11 markets in Asia and employs 3450 people. The company's Asia-based workforce is the second largest outside Australia which employs 6136 staff.
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