(Reuters) – Australian monetary conglomerate Macquarie Group (OTC:) mentioned on Monday its banking and monetary providers unit will cease new automotive loans via direct, dealer and novated lease channels in a bid to prioritise development of home mortgage and deposit choices.
“This determination will allow us to additional prioritise the expansion of our home mortgage and deposit choices,” Ben Perham, Macquarie’s head of non-public banking, mentioned in a press release.
Macquarie’s Banking and Financial Services Group, which contributed 15.5% to the infrastructure investor’s fiscal 2023 web working earnings of A$19.12 billion ($12.33 billion), mentioned the change is not going to affect current clients.
Car mortgage functions via direct in addition to dealer and novated leasing channels are required to be settled earlier than May 17, Macquarie mentioned.
Macquarie shares have been buying and selling 1.3% larger at A$185.750 as of 0154 GMT.
($1 = 1.5509 Australian {dollars})