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Home» About Macquarie Group» News & announcements» Archive 2008» Sale of Italian mortgage portfolio

News & announcements

Sale of Italian mortgage portfolio

20 October 2008

Macquarie Group Limited (“Macquarie”) advises that its banking subsidiary, Macquarie Bank Limited, has signed an agreement to sell its portfolio of Italian mortgages. The transaction is expected to complete by 31 October 2008.

This transaction follows the Group’s announcement in March of this year that it would wind back its Australian residential mortgage business due to the impact of increased funding costs. Before the increase in funding costs, the mortgage businesses contributed less than one percent of Macquarie’s profit.

As a result of the sale, Macquarie will book a net after tax charge of approximately $A70 million reflecting the write-off of loan acquisition costs and the loss on the sale of the portfolio, which had a book value of approximately €1.1 billion ($A2.0 billion). In addition, Macquarie had already provided for restructuring and redundancy costs. These charges will be brought to account in the half year to 30 September 2008.

Contacts:

Paula Hannaford
Corporate Communications
Macquarie Group
Tel: (61 2) 8232 4102
Mobile: (61 4) 1394 0180
Email: paula.hannaford@macquarie.com

Richard Nelson
Investor Relations
Macquarie Group
Tel: (612) 8232 5008
Email: richard.nelson@macquarie.com

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