Macquarie Bank shares are being taken to the cleaners

A window cleaner at work in Sydney. WILLIAM WEST/AFP/Getty Images

Macquarie Bank’s share price has dropped 12.8% since the UK voted to leave the European Union last week.

The group is being marked down by investors because of its extensive business interests in the UK and Europe.

A short time ago, its shares were at $66.70, down 0.45% so far today and 12.8% since Thursday’s close.

Almost a quarter of Macquarie’s revenue comes from that part of the world. Its latest annual report shows revenue from Europe, Middle East and Africa at $3.706 billion and assets at $11.274 billion.

Macquarie is different from the major banks in Australia in that the majority of its business is offshore. Its international income accounts for 68% of revenue.

Last month Macquarie posted a 29% rise in full year net profit to $2.063 billion, a record result and a return to pre-GFC performances.

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