10 March 2005
Macquarie Bank (Macquarie) today officially opened its office in Parramatta to provide local services for one of its fastest growing client bases in Australia, Western Sydney.
Nearly one quarter of the Sydney CBD business banking specialists will be relocated to the new Parramatta office which will support the region's small to medium enterprises (SMEs), which make up more than 10 per cent of Macquarie's Banking Division's NSW client base.
The Parramatta Office is Macquarie's 49th office to open globally.
Macquarie Head of Banking Division, Executive Director Greg Loveday said Macquarie has experienced very strong client growth in Western Sydney over the past five years.
"With a large, rapidly growing client base it is essential that we establish a local office to be close to clients so we can provide them with the pro-active, high service levels synonymous with the Macquarie Bank name," Mr Loveday said.
Western Sydney is a key economic centre and is Australia's third largest regional economy after Sydney and Melbourne. With continued strong growth annual business output is expected to reach $80 billion by 2015, with more than 100,000 new jobs created over this period.
Macquarie's Western Sydney office is expected to grow by approximately 25 per cent per annum during the next three years as its client base continues to expand, fuelled by the region's strong economic performance.
"The region's growth and growing affluence has driven strong demand for professional service providers in a range of areas including real estate, accounting and insurance broking," Mr Loveday said.
Macquarie's Banking Division assists professional service providers with their business banking requirements including business loans, specialist deposit facilities and finance for insurance premiums as well as their property financing needs.
"If the high level of growth continues, as predicted, then I envisage Parramatta, the undisputed 'capital city' of Sydney's west, will continue to develop as one of the most important, fastest growing, professional service hubs in Australia."
Mr Loveday said Macquarie's Banking Division was keen to partner clients to assist them capitalise on the boom.
"The next two years will throw up exciting growth opportunities for local businesses. Macquarie looks forward to assisting them leverage these opportunities by funding cashflow for growing business needs, business expansion and business owners' investment needs."
The office will be officially launched by Macquarie Bank Managing Director, Allan Moss, and Lord Mayor of Parramatta, Councillor Julia Finn.
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