Macquarie Group

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It has been suggested that Macquarie Bank be merged into this article or section. (Discuss)

Macquarie Group Limited
Type	Public (ASX:MQG)
Founded	Sydney, Australia (1970)
Headquarters	Sydney, Australia
Key people	David Clarke, Chairman Nicholas Moore, CEO
Industry	Diversified Financials
Products	Financial Services
Revenue	AUD 7.2 billion (2007)
Net income	AUD 1.46 billion (2007)
Total assets	AUD 136 billion (2007)
Employees	10,023 (2007)
Website	www.macquarie.com.au

Macquarie Group Limited (ASX:MQG) is one of Australia's largest companies, comprising of diversified financial services businesses notably Macquarie Bank Limited. In November 2007, Macquarie Group Limited was listed^[1] on the Australian Securities Exchange.

[edit] Why?

The reason behind the reorganization of Macquarie Bank that resulted in the creation of Macquarie Group Limited was as follows: banks are subject to additional regulations which do not apply to non-bank financial firms, particularly in respect to capital and risk management. Previously, Macquarie's corporate structure that the holding company was a bank, and thus banking regulation applied to all of its subsidiaries to some extent, although Macquarie had negotiated with APRA certain special exemptions. In order to remove the costs of these additional regulations, and to remove the need for the regulator to treat Macquarie specially with respect to those regulations, the group was restructured so that the holding company was a non-bank, and the bank became a subsidiary. Thus, on the whole, banking regulations would only apply to the banking subsidiary and its subsidiaries, and not the non-bank subsidiaries or the holding company.