Macquarie: Wonderland "a project name"

By Larry Schlesinger | 26 Nov 2009

Macquarie Bank says "Wonderland" is only the "project name" of its aggregation venture and it is not yet at the stage of "names and branding".

A spokesperson for the bank told Broker news it had fielded a number of calls from the media following yesterday's Mortgage Choice media lunch, where the name "Wonderland" was revealed, and expressed "surprise" at the comments made by CEO Michael Russell.

"It is a project name, nothing is signed yet, negotiations are still underway," the spokesperson said.

The spokesperson could also not confirm what stake the bank would take in the venture. Yesterday Russell said Macquarie would take a 20% stake.

"We may take a minority stake in it moving forward, but the business is not even set up," the spokesperson said. "Who knows how things will turn out down the track.

Seperately, a source close to the deal told Broker news an announcement could be as early as this week and said an official (an less outlandish) name had been chosen.

Related stories:

Macquarie heading for "Wonderland" - Macquarie Bank's aggregation venture finally has a name. According Mortgage Choice CEO, Michael Russell, the new business will be called "Wonderland".

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Commented by: Question at 27 Nov 2009 11:58 AM
Whose Alice? And whose the Mad Hatter?

Commented by: David at 27 Nov 2009 12:12 PM

The Mad Hatter is the Broker that is crazy enough to have any involvement with Macquarie. I can't think of any institution that the term 'fair weathered friend' is more suited to. How can you possibly expect support if you jump into a market when times are good and jump out even more quickly when times get a bit tough, not to mention substantially jacking up the rates of all those that are stuck with them.

Sorry Macquarie but you'll NEVER get my support.

Commented by: Agree..... at 27 Nov 2009 01:40 PM
What is "core" business to them. Decisions are made quickly to only benefit their bottom line. If you are not in their most current business plan watch out. Just like GE. Not what I would call a stable platform to base your business on....

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