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OzForex grows UKForex offering following Macquarie deal
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Deal fast-tracks OzForex's ambitions in the UK foreign exchange market
LONDON - 18 June, 2007 - Macquarie Financial Services Group and online foreign exchange provider, OzForex, today announced Macquarie's purchase of a 51 per cent stake in OzForex - setting the stage for even stronger competition on rates and service in the crowded UK forex market.
OzForex is one of Asia's largest currency websites and one of the fastest-growing online retail forex providers globally. The deal will fast-track OzForex's ambitions to compete in the UK foreign exchange market with the support of a prestigious global financial services brand, further enabling the expansion of its London-based company, UKForex. It is anticipated that UKForex will double in revenue and staff in the next year as a direct result of this deal. The UK arm of the company already has plans to expand further a field in the next six to 12 months, targeting British expatriates sending foreign currency savings back home from growing markets in the Middle East - such as Dubai and the United Arab Emirates.
In line with these plans, UKForex today announced the appointment of Alex Edwards to the position of Manager Corporate Business, with direct responsibility for developing and managing the growth of the UK corporate business. Alex previously worked in New Zealand with Elldridge Lynch, a local non-bank foreign exchange service company. He will report directly to UKForex General Manager, Andrew Porter.
The development of the UK business is part of OzForex's global growth plans. OzForex recently topped annualised turnover of GBP1 billion in forex trades for the 2006 calendar year and has leveraged Internet-based technology to quickly become one of the leading online retail foreign exchange services in the world.
OzForex currently operates out of Sydney and services around 30,000 transacting customers in more than 40 countries around the world. It opened its UK office in London 18 months ago and has reported strong growth in the UK foreign exchange market since then.
With Macquarie's backing, UKForex is now broadening its offering to all UK customers with one of the lowest-cost, 24-hour, online foreign exchange services in the market offering access to more than 17 currencies.
Following the deal with Macquarie, OzForex will continue business as usual, maintaining its brand, offices and independently run operations. OzForex joint managing directors Matthew Gilmour and Gary Lord will continue in their full time roles, with an increased focus on offshore expansion, particularly in the UK. In addition, Macquarie Division Director Neil Helm will become the Sydney-based CEO of OzForex, bringing 16 years of experience in financial services with Accenture, BT and the past seven years playing a leading role in building Macquarie's private wealth business.
"We are very pleased to be announcing this deal with Macquarie today," Matthew Gilmour, founder and joint managing director of OzForex, said.
"The UK market is particularly important for us, given London is the forex centre of the world. We see Britain as being the biggest growth area for our business in the foreseeable future. We are already attracting around 35 per cent of our total business flows from Australian ex-pats in the UK but believe the demand for our low-cost, 24-hour online transaction service will be enormous for everyone living in the UK going forward. Our focus will be to continue doing what we do best - which is delivering high end forex services to individuals and small and medium-sized businesses."
"We are constantly improving our product range and delivery," Mr Gilmour said. "We recently rolled out the ability for corporate customers to book and pre-deliver forward rate deals online, and have received very positive feedback on the ease of the new service compared to traditional bank systems."
The Head of Macquarie Private Wealth, a division of the Financial Services Group, Peter Coleman, said OzForex was an exceptional investment with an outstanding growth profile and growth potential.
"This particular foreign exchange business has great technology - it complements our existing offerings and services and presents us with the potential to roll out a truly global capability that can be integrated with our current and future domestic and international retail offerings," Mr Coleman said."
Two Macquarie directors will join the OzForex board - Peter Coleman and Macquarie Financial Services Group Head, Peter Maher.
About Macquarie Financial Services Group
Macquarie Bank Group is a diversified international provider of specialist financial and investment banking services with more than 10,000 people in 24 countries. Macquarie Bank is listed on the Australian Stock Exchange and at 31 March 2007, had total assets of approximately £56.1 billion and funds under management of £81.1 billion. The Financial Services Group is the primary relationship manager for Macquarie Bank's retail client base in Australia, New Zealand and Thailand. Services include the distribution of Macquarie's Australian Cash Management Trust, Wrap and pension administration platforms, relationship management for 15,000 independent financial advisers throughout Australia, as well as stockbroking, private banking and wealth management and the manufacture of managed funds and distribution of third party funds.
About OzForex
Established in Sydney in 1998 and operating out of offices in Sydney and London, OzForex is one of the world's leading foreign exchange providers. OzForex deals in more than 17 currencies and serves around 30,000 transacting customers in more than 40 countries around the world. OzForex deals in electronic funds transfer for businesses and individuals who need to transfer funds from one country to another. For further information please go to www.ozforex.com.au or www.ukforex.co.uk.
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For further information please contact:
Penrose Financial:
Leone Lewis
Ph: +44 20 7786 4885
leonel@penrose.co.uk
Alex Clelland
Ph: +44 20 7786 4866
alexc@penrose.co.uk
Macquarie:
Peter Coleman
Head of Macquarie Private Wealth
Macquarie Financial Services Group
Ph: +61 2 8232 5395
Irene O'Brien
Head of PR and Communication
Macquarie Financial Services Group
Ph: +61 2 8232 3241
Ph: +61 (2) 417 260 309
irene.obrien@macquarie.com
OzForex:
Matthew Gilmour
Joint Managing Director
OzForex Pty Ltd
Ph: +61 2 8667 8000
Philippa Honner
Honner Media
Ph: +61 2 9231 0111
Ph: +61 (0) 407 939 543
philippa@honnermedia.com.au |
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