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Macquarie's banking unit to stop new car loans to focus on mortgage growth

FILE PHOTO: The logo of Australia's Macquarie Group Ltd adorns a desk in the reception area of their Sydney office headquarters

(Reuters) - Australian financial conglomerate Macquarie Group said on Monday its banking and financial services unit will stop new car loans through direct, broker and novated lease channels in a bid to prioritise growth of home loan and deposit offerings.

"This decision will enable us to further prioritise the growth of our home loan and deposit offerings," Ben Perham, Macquarie's head of personal banking, said in a statement.

Macquarie's Banking and Financial Services Group, which contributed 15.5% to the infrastructure investor's fiscal 2023 net operating income of A$19.12 billion ($12.33 billion), said the change will not impact existing customers.

Car loan applications through direct as well as broker and novated leasing channels are required to be settled before May 17, Macquarie said.


Macquarie shares were trading 1.3% higher at A$185.750 as of 0154 GMT.

($1 = 1.5509 Australian dollars)

(Reporting by Rishav Chatterjee and Sameer Manekar in Bengaluru; Editing by Sherry Jacob-Phillips and Subhranshu Sahu)