Macquarie to disband asset finance unit

At its annual shareholder meeting, where the country

SYDNEY: Australia’s Macquarie Group Ltd has announced plans to dismantle its shrinking financing unit, Capital and Asset Finance (CAF), once a key driver of profitability, as it confirmed guidance for a slightly lower profit in 2020.

At its annual shareholder meeting, where the country’s largest shareholder group plans to vote against its remuneration plans, chief executive officer Shemara Wikramanayake said lower volumes at the unit had contributed to a weaker performance in the first three months of the year, compared to fiscal 2019.