MACQUARIE BANK: A STRANGER HITS TOWN
When Broken Hill Proprietary (BHP), Australia's biggest company, called in Macquarie Bank to help to save it from the clutches of takeover king Robert Holmes a Court, the reaction from many senior financiers in London and New York was -- what is Macquarie Bank?
That some leading bankers on both sides of the Atlantic had not heard of BHP's chosen advisers is not as surprising as it seems. When BHP announced Macquarie's appointment, just over seven months ago, the bank had yet to celebrate its first birthday.
Macquarie Bank came into being in February 1985 after Australia's Treasurer Paul Keating decided to deregulate the country's domestic banking system. In the 18 months since then, Macquarie has established itself in the top flight of banks operating in Australia. It is already among the market leaders in corporate services such as mergers and acquisitions advice, foreign exchange transactions and bullion dealing.
A recent survey by an independent australian research outfit (AIRP), which questioned 157 of the country's biggest companies, ranked Macquarie the leader in the provision of loan funding services. And another poll conducted by a financial magazine, Business Review Weekly, showed that Australian corporations rank Macquarie Bank number one for tactical advice in the forex market, and number two for strategic advice.