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Commonwealth buys wool traders from Macquarie
20 Oct 2004
Commonwealth Bank said it would buy some of the wool futures trading operation of Macquarie Bank, ten weeks after Macquarie closed down. Macquarie closed the doors on Macquarie Wool Futures following a strategic review of the bank's agricultural commodities activities. Macquarie Bank withdrew from the business in early August, and initiated a tender to sell the business. CBA and Macquarie did not disclose a price and no staff will leave Macquarie Bank. The main asset acquired by Commonwealth appears to be a list of more 1,000 wool growers and related clients.
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