Macquarie Transfers $1.5 Billion Car Loan Portfolio to Allied Credit

Ben Perham, Head of Personal Banking at Macquarie, stated, "In just a few years, we have cemented our position as a leading digital bank and grown to become Australia's fifth largest lender and household deposit holder. We decided last year to cease new car lending so we could double down on providing the best possible digital banking experiences to our customers."

This strategic divestment aligns with Macquarie's broader strategy to concentrate on its core banking operations, particularly in the digital banking space. By transferring the car loan portfolio to Allied Credit, an established lender in Australia's motor vehicle finance market, Macquarie aims to enhance its focus on delivering superior digital banking services to its customers.

For existing car loan customers, the transition to Allied Credit is expected to be seamless, with continued access to finance solutions and customer support. This move also reflects the dynamic nature of the car finance market in Australia, as financial institutions adapt their strategies to evolving market conditions and consumer preferences.