Ford Credit and GMAC lift Macquarie asset finance
Macquarie Bank's efforts to carve out a leading stake in the fleet leasing and fleet financing market in Australia are taking shape, and helping the bank's corporate and asset finance arm contribute the second-largest share of profit of all the divisions of Macquarie Group in the year to September 2010.The withdrawal of Ford Credit and GMAC from the financing market for motor vehicles, in late 2008, presented an opportunity for Macquarie.It bought a $1 billion book from Ford in October 2009 and a $1 billion book from GMAC in April 2010.The bank said its existing leasing business in Australia financed more than 32,000 vehicles over the last six months, excluding acquisitions.The motor-vehicle leasing portfolio reached $5.5 billion, the bank said.Corporate and Asset Finance contributed $233 million to the group's profit in the half year, up from $129 million six months before.The profit from the bank's banking and financial services division increased more modestly over the six months, to $137 million.The real estate banking division incurred losses for yet another half year period. This time the loss, of $25 million, was well below the losses of $85 million and $58 million in the two preceding quarters.