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ANZ to transfer share investing client base to CMC Markets in $25m transaction
With assistance from Maddocks, ANZ will transition the bank’s share investing client base to CMC Markets in a transaction worth $25 million.
Naomi Neilson
Firm: Maddocks (CMC Markets)
Value: $25 million.
Area: Banking, finance, corporate.
Key players: The team was led by corporate partner Duncan Hall and included support from special counsel Greg Palumbo and Scott Mannix.
Deal significance: The $25-million transaction will see ANZ’s base of 500,000 online investors transition to the CMC Markets platform. The transaction comes four years after ANZ signed a deal to use the CMC Markets online share trading platform in a white label technology partnership.
The latest transaction will see that white label partnership end, with the transition to the CMC Markets platform expected to take 12 to 18 months.
Commenting on the deal, Mr Hall said: “We advised CMC Markets on the establishment of the white label partnership with ANZ in 2017, and we are really pleased to be involved again on a deal that will help position CMC Markets as a major player at a time when there is rising demand for retail stockbroking services.”
Naomi Neilson
Naomi Neilson is a senior journalist with a focus on court reporting for Lawyers Weekly.
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