Utilize the input text as a context reference, choose the right relationship between Macquarie Group and Esanda from the options. Options: product/material produced, manufacturer, distributed by, industry, position held, original broadcaster, owned by, founded by, distribution format, headquarters location, stock exchange, currency, parent organization, chief executive officer, director/manager, owner of, operator, member of, employer, chairperson, platform, subsidiary, legal form, publisher, developer, brand, business division, location of formation, creator.

Mr Elliott downplayed suggestions that ANZ's $8.2 billion sale last week to Macquarie Group of its Esanda dealer finance business was motivated by a desire to boost capital levels, indicating that the business was sold because it was off strategy, given it did not involve fostering customer relationships.

Answer: subsidiary