Macquarie says 'arrivederci' to Italian mortgages
Macquarie Bank has signed an agreement to sell its portfolio of Italian mortgages, with the transaction expected to be completed by the end of this month.
The group announced earlier this year that it would wind back its Australian residential mortgage business in the face of increased funding costs.
Macquarie will now book a net after tax charge of approximately $70 million, reflecting a loss on the sale of the portfolio, which Macquarie said had a book value of approximately $2 billion.
The $70 million charge also reflects the write-off of loan acquisition costs, the group said. The group said it had already provided for restructuring and redundancy costs.
Last month Macquarie announced it would sell its investment lending business in Australia in the face of increasingly difficult market conditions.
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.