Macquarie back in retail financial services
Macquarie Group head of banking and financial services Peter Maher yesterday outlined a number of steps the group has taken to revive its retail financial services business, including re-starting its mortgage business, launching a life insurance offering and backing a new mortgage aggregator business.Macquarie resumed mortgage lending in recent weeks through Australian Finance Group, the largest aggregator group and representing many mortgage brokers. The bank is also lending through Vow, a newly established aggregator group. The bank owns a minority stake in each distribution group.The bank is also promoting home loans once more to its own retail clients. Maher said the group had launched an "enhanced mortgage product".The new life insurance product relies on a new "intuitive" online platform to make the sale process simpler and faster.Macquarie has also launched a new online stockbroking platform, Edge, to replace Macquarie DirecTrade.Maher said the group had received positive ratings from the market in response to its new services.