Macquarie makes Canadian play
Macquarie Bank has widened its global footprint with the announcement today that it has entered into an agreement to acquire Canadian-based independent financial services and banking house Orion Financial Inc.
Orion will be combined with Macquarie’s existing Canadian investment banking business with the aim of creating a leading investment banking and securities franchise in Canada.
In an announcement released on the Australian Stock Exchange today, Macquarie said that Orion, through Orion Securities Inc, was a well-established Canadian independent dealer focusing primarily on the resources sector.
Commenting on the transaction, the head of Macquarie’s Investment Banking Group, Nicholas Moore, said the bank had been attracted to the experienced and successful team at Orion, which had a deep understanding of the Canadian market and was highly regarded by clients.
“Our objectives in acquiring Orion are, firstly, to round out our global resources investment banking business and, secondly, to extract maximum advantage from combining their successful Canadian operations in equity underwriting, sales, trading and research with the scale and global reach of Macquarie Securities,” he said.
Moore said Orion’s senior management team would remain with the business in key leadership roles within Macquarie’s Investment Banking Group.
AUTHOR
Mike Taylor
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