Macquarie is Australia’s fifth-largest bank by market capitalisation, but its retail banking services make up just a small percentage of the business. First listed on the ASX in 2007, Macquarie has specialist investment and asset management expertise in areas such as resources, agriculture and commodities, energy and infrastructure. Macquarie now handles more than $A700 billion in funds under management across 22 markets.
Macquarie Group is a new target for ACCR. We are focusing on the bank due to its significant involvement in the gas sector, in its financing, asset management and commodities trading arms. We will likely file a resolution relating to Macquarie’s exposure to the gas sector and its assessment of stranded asset risks.