Bendigo snaps up Macloans

Thursday 08 January 2009

Article by Mozo

Bendigo has positioned itself as a major player in the margin loans market after buying up Macquarie’s marginal operations for $52 million.

Marginal loans are commonly used by people who want to invest in stocks and shares but don’t have the cash to do so, with the lender fronting the money but keeping control of the stocks.

The Age reports Bendigo Bank will now be taking up where Macquarie left off at a time when some spectators are decidedly sceptical about whether investments in stocks is a good idea.

Many Aussies might feel more comfortable putting their cash into savings accounts or term deposits.

The Bendigo deal also comes at a time when Macquarie’s financial health is looking decidedly shaky, with the bank recently issuing a profit warning in which it conceded that it had been rocked by “exceptionally challenging” financial headwinds.

Despite this, Business Spectator has offered high praise for Mac’s new credit card offering, describing it a benchmark for other plastic providers to aspire to.ADNFCR-1761-ID-18963921-ADNFCR

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