In 1985, the Sydney arm of Hill Samuel split and became Macquarie Bank Limited, the foundation of what is now known as Macquarie Group, a global empire valued at nearly 100bn. The firm’s income is largely driven by its asset‑management, M&A advisory and commodities trading arms, with two‑thirds of revenue coming from outside Australia.

At last month’s annual meeting, Macquarie announced that Greg Ward, head of banking and financial services, will become the fifth CEO, taking over from Shemara Wikramanayake who retires in November after eight years. Ward’s 30‑year tenure saw the domestic banking unit turn into a growth engine, carving out a competitive niche in the Australian market.

The move has sparked speculation that Macquarie is retreating to its home‑market roots. Internally, Ward’s 14‑year CFO role across Asia and Europe counters that narrative. His appointment does not stem from the asset‑management or commodities divisions, but rather from a proven track record of turning a seemingly irrelevant unit into a differentiated product. While the banking arm posted only 17% net‑profit growth in the year to March—below the 27‑49% growth of other divisions—its success in retail banking and consumer deposits has taken market share from the Big Four.

Ward’s challenge will be to empower a new generation of leaders and to seize opportunities beyond the current energy‑trading, renewable‑energy and challenger‑banking focus, keeping the holey dollars flowing while exploring growth in global energy trading platforms, Asian renewable projects and other high‑margin sectors.