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Asia

Market Chatter: New Zealand's FMA Warns Banks Over ASIC's Mortgage Offset Account Review, Says RNZ

New Zealand's Financial Markets Authority (FMA) warned banks to take notice of a review conducted by the Australian Securities and Investments Commission (ASIC), which found that banks failed to properly manage mortgage offset accounts in the two years through August 2025, according to a Friday report by Radio New Zealand (RNZ).The New Zealand regulator is urging banks with offset mortgage products to examine ASIC's findings and assess whether their own safeguards are strong enough to protect customers from similar harm, said Michael Hewes, director of deposit taking, insurance, advice, and credit at FMA, according to the report.During the two years through August 2025, banks paid more than AU$55 million in customer compensation for offset account failures, and further compensation is expected as the extent of the problem becomes clearer, the ASIC said Wednesday.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

ASX:AMPASX:ANZASX:CBAASX:MQGASX:WBCNZE:ANZNZE:WBC
Asia

Australian Banks Investing in Technology to Address Mortgage Offset Account Failures, Banking Association Chief Says

Australian banks are taking measures to ensure the proper functioning of mortgage offset accounts, including investments in new technology platforms, Australian Banking Association CEO Simon Birmingham said on Wednesday.Birmingham's comments to the media followed an Australian Securities and Investments Commission (ASIC) report that found major banks failed to properly manage offset accounts in the two years through August 2025.During that period, banks paid more than AU$55 million in customer compensation for offset account failures, the ASIC said after reviewing the offset practices of eight banks, including Westpac Banking (ASX:WBC, NZE:WBC), ANZ Group Holdings (ASX:ANZ, NZE:ANZ), Commonwealth Bank of Australia (ASX:CBA), Macquarie Group (ASX:MQG), AMP's (ASX:AMP) AMP Bank, Credit Union Australia, HSBC Bank Australia, and ING Bank (Australia)."This report shows that in well over 99% of cases, mortgage offset accounts are working exactly [as] they should be, but it does demonstrate there are some failures," Birmingham said."It's a very small proportion of mistakes that have happened, and what ASIC's report shows is it's often due to manual system processes in isolated cases, or communications failures in some cases," Birmingham added.

ASX:AMPASX:ANZASX:CBAASX:MQGASX:WBCNZE:ANZNZE:WBC
Asia

Australian Banks Paid Over AU$55 Million in Customer Compensation Over Mortgage Offset Account Failures, ASIC Says

Major Australian banks failed to properly manage mortgage offset accounts in the two years through August 2025, resulting in customers unknowingly paying more interest than was due, the Australian Securities and Investments Commission (ASIC) said Wednesday following a review of the sector's offset practices.During that period, banks paid more than AU$55 million in customer compensation for offset account failures, and further compensation is expected as the extent of the problem becomes clearer, the regulator said.ASIC reviewed the offset practices of eight banks including Westpac Banking (ASX:WBC, NZE:WBC), ANZ Group Holdings (ASX:ANZ, NZE:ANZ), Commonwealth Bank of Australia (ASX:CBA), Macquarie Group (ASX:MQG), AMP's (ASX:AMP) AMP Bank, Credit Union Australia, HSBC Bank Australia, and ING Bank (Australia).It found deficiencies in how all banks set up, monitored, and managed offset accounts, which are marketed as a simple way to save on mortgage interest over the life of a home loan. Banks struggled to readily identify customer offset account requests and were slow to fix issues, while their detection of failures was inconsistent."Some banks are not getting the basics right," ASIC Chair Sarah Court said, noting that some offset failures went undetected until the ASIC started investigating them.The Australian Banking Association did not immediately respond to a request for comment from.

ASX:AMPASX:ANZASX:CBAASX:MQGASX:WBCNZE:ANZNZE:WBC
Asia

Market Chatter: Macquarie Group's Netrality Data Centers in Discussions to Be Acquired by TPG

Macquarie Group's (ASX:MQG) Netrality Data Centers is in exclusive discussions to be acquired by TPG in a deal that could value the data center operator at a range of $2 billion to $3 billion, Bloomberg reported Tuesday, citing sources familiar with the matter.The companies could strike a deal as early as this fall, although talks are ongoing and there is no guarantee of a final agreement, according to the report.Macquarie Group, Netrality, and TPG did not immediately respond to requests for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

ASX:MQG
Asia

Macquarie Group Posts Strong Fiscal 2026 H2 Results Due to Investment Gains, Risk Management, Jarden Says

Macquarie Group (ASX:MQG) posted strong fiscal second-half results due to investment gains, trading, and risk management, with all four of its divisions performing strongly, Jarden said in a note on Friday.The banking and financial services division continues to win share on both sides of the balance sheet by leveraging a superior fully digitized core. Macquarie Asset Management has exited low-margin or low-growth offshore public markets asset management, with capital to be recycled into higher return or higher growth private markets.The CGM division is well set up for secular growth in global commodities. The energy transition and demand for compute and data should drive a move back to materials.The departure of its Chief Executive Shemara Wikramanayake may catalyze further change in the composition of the executive committee.The investment firm retained a buy rating on Macquarie Group with a AU$250 per share price target.

ASX:MQG
Asia

Macquarie Board Makes Formal Enquiry of KPMG Regarding Ongoing Ability to Deliver Audit

Macquarie Group's (ASX:MQG) board made formal enquiries of KPMG, including KPMG's ongoing capability and capacity to deliver the group's audit, according to a Thursday Australian bourse filing.The board's enquiries also include an assessment of the integrity of the involvement of KPMG in Macquarie's audit tender process, supported by an external review by Allens under a scope agreed upon with Macquarie.In a disclosure last November 2025, the group selected KPMG as its recommended auditor starting in the fiscal year 2028 following a tender for audit services.

ASX:MQG
Asia

Update: Macquarie Group Faces Climate-Focused Shareholder Resolution at Annual General Meeting

(Updates with a statement from Macquarie in the last paragraph)Macquarie Group (ASX:MQG) faces a shareholder resolution at an annual general meeting on Thursday asking it to explain how its financing of new oil and gas projects aligns with global climate goals, environmental not-for-profit organization Market Forces said in a same-day statement.Market Forces said some of Macquarie's major international investors, including the California Public Employees' Retirement System and the New York City Pensions fund, have voted in favor of the resolution, which now has backing from more than 160 shareholders.The company has "abandoned its pledge to the global goal of net zero by 2050 and is supersizing its support for dangerous new fossil fuel projects," the environmental organization said.It added that Macquarie tripled its oil and gas financing over the past three years, including the bankrolling of Australia's biggest proposed fracking development in the Northern Territory's Beetaloo Basin, while the country's four largest banks cut lending for oil and gas extraction by almost AU$8 billion over the same period.In response to a query from, a Macquarie spokesperson said the company remains "committed to the goals of the Paris Agreement." Assets in Macquarie's green investment funds have grown six-fold since fiscal year 2022, the spokesperson added.

ASX:MQG
Wire

Macquarie Says Macquarie Asset Management's Net Profit Contribution Down in June Quarter

Macquarie Group (ASX:MQG) said Thursday that Macquarie Asset Management's net profit contribution during the June quarter was down year over year, driven by the divestment of the North American and European public investments business in the second half of fiscal 2026.The group in a statement said that Macquarie Asset Management had AU$748 billion in assets under management as of June 30, up 4% quarter over quarter.The net profit contribution of Commodities and Global Markets rose on the prior corresponding period, driven by increased income from Commodities and increased Asset Finance income, the group said. Macquarie Capital's net profit contribution was also increased over the period, driven by higher investment-related and brokerage income, partially offset by lower advisory fees.Meanwhile, Banking and Financial Services' net profit contribution climbed year-over-year, driven by volume growth in the loan portfolio and deposits, partially offset by lower margins as well as lending and deposit competition.

ASX:MQG
Asia

Macquarie Group Faces Climate-Focused Shareholder Resolution at Annual General Meeting

Macquarie Group (ASX:MQG) faces a shareholder resolution at an annual general meeting on Thursday asking it to explain how its financing of new oil and gas projects aligns with global climate goals, environmental not-for-profit organization Market Forces said in a same-day statement.Market Forces said some of Macquarie's major international investors, including the California Public Employees' Retirement System and the New York City Pensions fund, have voted in favor of the resolution, which now has backing from more than 160 shareholders.The company has "abandoned its pledge to the global goal of net zero by 2050 and is supersizing its support for dangerous new fossil fuel projects," the environmental organization said.It added that Macquarie tripled its oil and gas financing over the past three years, including the bankrolling of Australia's biggest proposed fracking development in the Northern Territory's Beetaloo Basin, while the country's four largest banks cut lending for oil and gas extraction by almost AU$8 billion over the same period.Macquarie did not immediately respond to a request for comment from.

ASX:MQG
Asia

Macquarie Group CEO to Retire

Macquarie Group (ASX:MQG) said Chief Executive Shemara Wikramanayake will retire, effective Nov. 6, according to a Thursday filing with the Australian bourse.Greg Ward, currently head of banking and financial services, will succeed Wikramanayake as CEO, effective Nov. 7, the filing added.

ASX:MQG
Asia

Macquarie Bank Launches Digital Term Deposit Product

Macquarie Group's (ASX:MQG) Macquarie Bank launched its new Macquarie Digital Term Deposit product on Thursday, according to a same-day statement.Customers will be able to open, manage, and track the term deposit product digitally through the lender's app or online banking. They will have access to a fixed return across three, six, nine, and 12-month terms with a minimum AU$25,000 deposit, with no establishment or administration fees.Funds will be automatically transferred to a Macquarie transaction or savings account at maturity.

ASX:MQG
Asia

Macquarie Faces Climate-Related Shareholder Resolution at AGM Over Net Zero Commitment, Fossil Fuel Financing, Jarden Says

Macquarie Group (ASX:MQG) faces a climate-related shareholder resolution ahead of its annual general meeting (AGM) on July 23, Jarden said in a Thursday note.The climate-related resolution by environmental group Market Forces is effectively asking the company to confirm whether it remains committed to aligning its financing with the global goal of net zero by 2050 and disclose how it assesses its fossil fuel financing against that commitment, Jarden said.Jarden said it was important to note that the numbers for exposure to fossil fuel financing for different lenders are not like-for-like because each bank defines exposure differently. Macquarie reports lending and equity investments together on an exposure-at-default basis, so its oil and gas lending cannot be isolated. However, Jarden said Market Forces' point that Macquarie's exposure is rising while peers' fall "appears to hold true," with policy reinforcing this.Macquarie still has a net zero ambition but a narrower one, Jarden concluded, adding that it seems to lag domestic and European peers on policy, with no mandated client transition plans and no exclusion on financing new oil and gas fields.

ASX:MQG
Asia

Tabcorp Holdings Says Macquarie Group Becomes Substantial Holder

Tabcorp Holdings (ASX:TAH) received notice that Macquarie Group (ASX:MQG) became a substantial holder of the company on June 30, according to a Monday filing with the Australian bourse.The Macquarie Group now owns 118.8 million shares in the company, representing a 5.18% total voting power, the filing said.

ASX:MQGASX:TAH
Asia

Macquarie Group's Asset Management Arm Expands US Collateralized Loan Obligation Program

Macquarie Group (ASX:MQG) said its asset management arm has surpassed AU$1.6 billion in US collateralized loan obligation (CLO) pricing within 18 months following the pricing of its third CLO, Market Street III, which raised AU$409 million and attracted ten new investors, according to a late Thursday statement by the company.The transaction follows Macquarie Asset Management's (MAM) first US CLO issuances in 2025 and its acquisition of Spire Management in Europe, further enhancing its integrated global CLO and credit platform, per the statement.MAM's credit and insurance division oversees AU$162 billion in assets with roughly 150 investment professionals across private and liquid credit and insurance solutions, the filing added.

ASX:MQG
Asia

Lendlease Group Says Macquarie Ceases to be Substantial Holder

Lendlease Group (ASX:LLC) said Macquarie Group (ASX:MQG), and its controlled bodies ceased to be substantial holders of the firm as of Tuesday, according to a Friday Australian bourse filing.Lendlease's shares fell 1% in recent trading on Friday.

ASX:LLCASX:MQG
Asia

Westpac Banking Appoints Chief Information Officer

Westpac Banking (ASX:WBC, NZE:WBC) appointed Richard Heeley as its Chief Information Officer, commencing later in the year, according to a Wednesday ASX filing.Heely will succeed outgoing CIO Scott Collary, who will retire later this year.Heeley is currently CIO, Banking and Financial Services at Macquarie Group (ASX:MQG).Its shares rose 1% in recent trading on Wednesday on the Australian bourse.

ASX:MQGASX:WBCNZE:WBC
Asia

Macquarie Group Says Share Buying for Employee Retained Equity Plan Complete

Macquarie Group (ASX:MQG) said the trustee for its employee retained equity plan completed its purchase of shares required for the company's 2026 profit share and promotion awards, according to a Friday filing with the Australian bourse.The trustee acquired about AU$734 million worth of shares at a weighted average price of AU$238.80 each, including AU$680.7 million in off market purchases and AU$53.3 million on market, per the filing.At the company's 2026 annual general meeting, shareholders will vote on a proposed allocation of restricted share units to the managing director and CEO under the employee retained equity plan. The acquisition price for the proposed allocation of 55,402 restricted share units will be AU$238.80, the company said.The company's shares were down nearly 1% in recent Friday trade.

ASX:MQG
Asia

ASX Preview: Australian Shares Set to Fall as Oil Rises on Ceasefire Doubts; Macquarie Group Completes AU$734 Million Employee Equity Share Purchase

Australian shares are poised to fall on Friday as oil prices edged higher on renewed geopolitical tensions after US Vice President JD Vance warned Israel over Lebanon operations, raising uncertainty over the US-Iran ceasefire.Overnight, the S&P 500, the Nasdaq Composite, and the Dow Jones Industrial Average rose 1.1%, 1.9%, and 0.1%, respectively.In corporate news, Macquarie Group (ASX:MQG) has completed the acquisition of about AU$734 million in shares for its 2026 employee retained equity plan awards at a weighted average price of AU$238.80 per share, while seeking shareholder approval to issue 55,402 restricted share units to its chief executive under its annual general meeting.Commonwealth Bank of Australia (ASX:CBA) appointed Victoria Ledda as group chief information officer and Rodrigo Castillo as group chief technology officer, effective July 1, subject to regulatory approval.Australia's benchmark index fell 0.6% or 55.2 points to close at 8,911.10 on Thursday.

ASX 200ASX:CBAASX:MQG
Asia

Macquarie Could Pivot to Private Credit to Close Growth Gap, Jefferies Says

Macquarie Group (ASX:MQG) can turn to private credit to close its growth gap, but capital constraints limit the company's option for a major acquisition, Jefferies said in a note on Thursday.The company is heavily focused on real assets, which has left it underexposed to faster-growing segments such as private credit, and lagging many of its diversified peers.The investment firm sees private credit as a key growth lever, providing more "stable, scalable and capital efficient earnings" with less dependency on market cycles.It expects the company to take on a build-led strategy to increase its private credit exposure, potentially using partnerships instead of a large acquisition."We expect a more phased approach than recent commentary implies, with execution likely to lag expectations and outcomes to take longer to emerge," analysts at the firm commented.Jefferies maintained a buy rating and price target of AU$253.73.

ASX:MQG
Asia

Downer EDI Says Macquarie Group Ceases to be a Substantial Shareholder

Downer EDI (ASX:DOW, NZE:DOW) received notice that Macquarie Group (ASX:MQG) and its affiliated entities are no longer substantial holders of the company from June 12, according to a Thursday filing with the New Zealand bourse.Macquarie Group and its affiliated entities became a substantial holder of the company on May 14, with a 5% total voting power, an earlier filing showed.

ASX:DOWASX:MQGNZE:DOW

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