Macquarie Bank commits to further growth in New Zealand

10 February 2005

Macquarie Bank Deputy Managing Director, Richard Sheppard, today confirmed Macquarie's commitment to growing its presence in New Zealand by bringing the expertise and success of the Australian business to New Zealand investors.

Mr Sheppard is visiting New Zealand to meet with some of Macquarie's institutional investors and to speak to retail clients about its services and Macquarie's plans to provide best of breed investments to the New Zealand Market.

“New Zealand is a very important business for us and it is a focal point for our international expansion, particularly in the retail and wealth management markets,” Mr Sheppard said.

Mr Sheppard said Macquarie would continue to commit both people and resources to its New Zealand business, which focuses on retail financial services and investment banking.

“We now have 110 staff in New Zealand and our plans are to grow both organically and by selective acquisition,” he said.

Macquarie's investment banking operation in New Zealand is highly integrated with its market leading Australian operations, particularly across corporate finance and advisory, equity capital markets, institutional stockbroking and research.

As a consequence, Macquarie focuses strongly on seamless Trans-Tasman client focused solutions which combine advice and capital raising. A good recent example of this is the advisory role for Transfield Services in its agreement, announced in December 2004, to acquire the NZ and Australian electrical and telecommunications services businesses of AREVA Group.

Mr Sheppard said the recent acquisition of PricewaterhouseCoopers financial planning arm was an example of Macquarie's strategic approach to increasing its adviser base.

He said Macquarie did not have an established wealth management business prior to the acquisition, but Macquarie and PwC had worked closely for some time and had a high professional regard for each other's business and adviser workforces.

“Macquarie has a proven Wealth Management business in Australia and providing a similar high quality service to New Zealand investors is a major goal for Macquarie's Financial Services Group.

“Wealth Management is not only an investment solution for wealthy people, it is for all investors who are interested in getting tailored advice to help them grow their wealth.”

The provision of high quality managed funds and best of breed products to the New Zealand market was the reason that Macquarie acquired a 49 per cent holding in Brook Asset Management, one of New Zealand's leading fund managers.

The end focus for Macquarie is always the quality of service and protection it provides to its clients. This is one of the reasons that we are strongly supporting the NZX review of the regulatory system.

For further information, please contact:

Irene O'Brien
Head of PR & Communication
Macquarie Financial Services Group
Macquarie Funds Management Group
Tel: (612) 8232 3241
Mobile: (61) 417 260 309

Jenny Kovacs
Investor Relations
Macquarie Bank Limited
Tel: (612) 8232 3250
Mobile: (614) 1354 6547

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