Macquarie explains decision to pull out of broker market
Macquarie Bank has given its reasons for withdrawing from the cashflow lending business with UK brokers citing the global economy and regulation.
News of the withdrawal broke earlier today.
The lending has traditionally been used to fund acquisitions and support growth of businesses.
A spokesperson for the bank said: "The current state of the global economy, market conditions in the UK and the evolving regulatory environment prompted Macquarie to undergo a strategic review of our UK cashflow lending business, which has focused on the UK insurance broking market.
"After careful review, the decision has been made to wind up the UK cashflow
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