Macquarie has partly reversed its ban on banking coal deals

Macquarie Group’s board has reversed its self-imposed harsh ban on coal deals, paving the way for its bankers to be involved in coal-sector consolidation on Australia’s east coast and coal mines globally.

In a move that shows how sentiment has swung towards the commodity, Macquarie’s board has “refined” its coal policy to recognise coal’s importance in steelmaking and infrastructure development, and the lack of any substitute product or alternative.