Commonwealth Bank of Australia (CBA) today announced that it has entered into an agreement to sell AUSIEX to Nomura Research Institute (NRI), a leading Japanese technology solutions and business consulting firm for $85 million in cash*. AUSIEX trades under the brand name CommSec Adviser Services.
The transaction includes the broking operations, licence and assets of AUSIEX.
CBA’s retail broking business, CommSec, remains core to CBA’s strategy and will be retained by CBA.
Executive General Manager of CommSec, Richard Burns, said: “AUSIEX is a strong business and its clients and employees will benefit from NRI’s investment and ambition to be the market leader in wholesale broking and portfolio administration services.”
NRI Chairman, President and CEO, Representative Director, Member of the Board Shingo Konomoto said: “We are pleased that AUSIEX and its highly experienced and well-respected team, will be joining our group. We have great ambitions to grow the business and are focussed on empowering employees and delivering long-term value for institutional and advised clients. We look forward to working closely with the team and will continue to deliver the same high standards of service and products going forward.”
The AUSIEX divestment excludes the Accelerator Cash Account and investment lending products which are offered under the CBA banking licence, and will continue to be offered by CBA.
The Transaction is subject to regulatory and other conditions and is expected to complete in the first half of 2021.
* Subject to completion adjustments and based on net assets of $7.5m.