Australia's ANZ continues to shed superfluous business units. Its latest move is to give up on its online broking business, agreeing a transfer deal with a UK-listed online trader.
Australia's ANZ has announced an agreement with CMC Markets to provide a share trading solution to customers under the ANZ Share Investing brand.
The agreement reflects a continued focus by ANZ under the leadership of Shayne Elliott, to simplify its business and it is expected customers will transfer to the new platform by September 2018. ANZ will decommission its current trading platform following the customer migration.
«Share trading remains an important customer proposition for ANZ and this agreement will allow our customers to trade easily and securely when and where they want on a world-class platform,» said Peter Mullin, ANZ Managing Director Pensions and Investments.
Key Highlights of The Deal
- Following a transition period, CMC will service over 500,000 ANZ retail stockbroking clients under the ANZ Share Investing brand
- CMC will provide technology, customer service and execution via an ANZ-branded stockbroking platform
- Gross revenue received from CMC’s stockbroking business is projected to increase by approximately $40m Australian dollars.
As part of the agreement, ANZ will continue to manage and provide existing investment lending and cash management solutions.
ANZ will also work with CMC Markets to identify opportunities for its existing ANZ Share Investing employees.
Headquartered in London and listed on the London Stock Exchange, CMC Markets has operations in 14 countries with hubs in Singapore and Sydney.
