Commonwealth Bank executes wholesale portfolio and administration agreement
10 November 2008
Commonwealth Bank of Australia (CBA) today announced that it has entered into a four-year Agreement for the provision of online share trading and equities portfolio administration services with Westpac. The Agreement represents a significant milestone for the parties.
CommSec Managing Director Matt Comyn said the partnership with Westpac and BT emphasises CBA’s commitment to becoming the leading provider of wholesale financial services to the Australian investment market.
“We are very pleased to partner with Westpac and this arrangement enables Westpac Broking and BT Portfolio Services to leverage off CBA’s proven capability in share trading and equities portfolio administration,” said Mr Comyn. “This is a significant vote of confidence from the market in our ability to successfully operate a wholesale business,” he said.
In November 2007, CBA acquired ASX-listed IWL Limited. Following the acquisition of IWL, the business has been integrated into CommSec as a separate wholesale operating division, Australian Investment Exchange Limited (AUSIEX). The Agreement has been executed between Westpac subsidiaries Westpac Securities Limited and BT Portfolio Services Limited and CBA subsidiary AUSIEX.
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