Macquarie's Banking and Financial Services group has agreed to sell a $A1.5 billion portfolio of car loans to Allied Credit, an independent financier in Australia. The portfolio includes over 50,000 car loans and is expected to be transferred by the fourth quarter of 2025. After this transaction, Macquarie will continue servicing a $A340 million portfolio of car loans in Australia, with most expected to mature by the end of 2026.
Ben Perham, Head of Personal Banking at Macquarie, commented on the development: “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 agreement with Allied Credit, an established lender in Australia’s motor vehicle finance market, will help us to deliver on this strategy whilst ensuring our car loan customers enjoy continued access to the finance solutions they need.”
Jon Moodie, Chief Executive Officer of Allied Credit said: "Allied Credit is fast becoming the preferred provider in car lending and this agreement reinforces our growing reputation in the Australian market. We previously partnered with Macquarie on the transition of their dealer finance book to Allied Credit in 2021 and we’re proud to be building on that success. We're committed to ensuring a seamless and valued experience for our new customers and salary packaging partners."
In 2021, Macquarie sold its floorplan finance operations to Allied Credit when it ceased new lending via the dealership channel. Last year, Macquarie stopped all new car lending through its direct, broker, and novated leasing channels so its Personal Banking business could concentrate on home loans and deposit products.
Macquarie plans to contact customers whose loans are being transferred over the coming months with more information about what this sale means for them.
The transaction is anticipated to close financially by Q4 2025 once customary closing conditions are met. The terms have not been disclosed.