Macquarie to increase participation in mortgage market
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3/05/2010 12:00:00 AM
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Macquarie CEO Nicholas Moore has indicated that the investment bank intends to build its loan book but said he has no intention of taking on the major lenders.
“We have quite a degree of liquidity available, but as for us going up against the major banks, forget about that,” Moore said in an interview with The Australian.
Macquarie’s loan book currently stands at $2.2bn after it exited the Australian mortgage industry a couple of years ago. Since then it has regained a foothold, working with new aggregator Vow to build a value proposition to its members.
The bank has more than $4bn of cash on its books and Moore said it would be used to create growth but there was no hurry to spend it. “We are happy to have it on the balance sheet,” he said. “It’s a good position to be in.”
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