Macquarie Group’s Banking and Financial Services group (BFS) has unveiled plans to combine its private bank and private wealth businesses and concentrate on high net-worth clients.
The decision will not have an impact on its retail banking segment, which offers home lending, deposit and credit card solutions for all consumer clients.
Macquarie said the high net-worth client segment offers significant growth opportunities and Australia ranks inside the top 10 countries across the globe for high net-worth individuals with over 1.2 million adults with wealth of $A1.3m.
Macquarie’s private bank is exclusively focusing more on high net-worth clients and a substantial proportion of its private wealth business.
Macquarie also added the decision to concentrate the focus of the combined private bank and private wealth businesses to high net-worth clients impacts many advisers and it will support them in multiple ways.
Macquarie wealth management head Bill Marynissen said: “We are striving to create a comprehensive and tailored wealth and banking offering for our clients that can take them from the wealth accumulation stage of their lives, through to retirement.
“Focusing on attracting high net-worth clients is a logical evolution of our private client business and we believe it is a space in which we can be a market leader. We have carefully assessed growth opportunities in the high net-worth segment against the strong fundamentals of our business.”
Macquarie is a diversified financial group, which offers clients with asset management and finance, banking, advisory and risk and capital solutions across debt, equity and commodities.
Macquarie’s BFS unit includes the group’s retail banking and financial services businesses, which provide a range of personal banking, wealth management and business banking products and services to retail clients, advisers, brokers and business clients.
Macquarie personal banking offers a full retail banking product suite to clients with mortgages, credit cards, transaction and savings accounts,
The personal banking segment provides a range of wrap platform and cash management services, investment and superannuation products, financial advice, private banking and stockbroking services to the customers.
Macquarie business banking offers a range of deposit, lending and payment solutions to the customers.