Yellow Brick Road Macquarie Bank join hands to roil Australian banking industry
08 November 2012
Starting today, Mark Bouris's Yellow Brick Road would, in association with Macquarie Bank, provide Australia's Big 4 banks with a genuine competitor.
In a deal that could potentially save Australians hundreds of thousands of dollars over the course of their mortgage, Macquarie would provide Bouris's network of 140 branches the financial clout to finally compete with the likes of Commonwealth Bank, Westpac, NAB and ANZ.
Speaking in an interview with The Daily Telegraph, Bouris said the time to put the banks on notice had finally arrived.
According to Bouris, for long there had been a genuine lack of competitors in the industry, meaning the big banks had not been genuinely pressured to act more fairly on interest rates.
The deal comes as a significant strategic shift for Macquarie, which had seen its traditional investment banking model suffer in recent years.
Macquarie last month announced a $361 million profit for the six months to December, of which Macquarie Capital, housing the bank's once mighty mergers and acquisitions team, had a contribution of just $10 million.