History
Macquarie was founded in 1969 and it began its operation, with only three staff, from Sydney in January 1970 as Hill Samuel Australia, a subsidiary of the UK's Hill Samuel.
In 1981, in response to changes evolving from the deregulation of financial markets, Hill Samuel Australia commenced work on a proposal to become a trading bank. Authority for Hill Samuel Australia to become Macquarie Bank Limited (MBL) was received from the Federal Treasurer in 1985, making it only the second private trading bank to be established in Australia in modern times.
Macquarie took its name from Lachlan Macquarie, an early Governor of New South Wales who dramatically transformed the early settlement in Australia from a penal colony into a dynamic economy.
Macquarie Bank took over Hill Samuel Australia and opened its doors for business in 1985 in Sydney. A trading bank was opened in Melbourne the same year and in Brisbane in November 1986.
The company listed on the ASX in 1996, and on 30 October 1996 entered the ASX's All Ordinaries Index, with a market capitalisation of approximately $1.3 billion. In 2007, MBL securityholders and the Federal Court approved the restructure of the Macquarie group into a non-operating holding company (NOHC) structure. The NOHC and ultimate parent of the Macquarie group, Macquarie Group Limited, is ASX listed. Macquarie Group is regulated by APRA, the Australian banking regulator, as the owner of Macquarie Bank Limited, an authorised deposit taker.
Macquarie manages a number of listed and unlisted investment funds which contributed approximately 12 percent of Macquarie’s total underlying operating income for the half year ended 30 September 2009. The funds own assets that deliver services including transport, roads, airports and utilities.
Read more about this topic: Macquarie Group
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