CMC Markets Stockbroking has been selected as the preferred seller to extend the long -term collaboration of technology and platform with Westpac Banking Corporation.
This setting is related to WestPac shares trading services, Westpac Share Trading (WST) and St.george Directshares (DS).
After a period of integration, CMC will provide WestPac and St.George customers to participate in top technology and execution via WestPac and Mobile White Label platforms, including integration with the current Bank technology offer. The integration is expected to take about 12 months, and the relevant expenses are expected to be largely capitalized with revenue proving significantly the Australian business CMC Invest.
On a constant basis, the cost impact is expected to be increased as the team is taking advantage of existing technology, scale and experience to provide a better service to the bank and its valuable customers.
WestPac and St.george customers will gain access to CMC trading technology to mobile and desktop platforms, with access to world markets, integrated market analysis, trading tools and all future road map traditions.
As Australia’s second largest stock company, CMC Markets Stockbroking manages over $ 90 billion in administration assets and serves more than 1.2 million shares accounts. This new arrangement will result in a significant increase in the presence of the CMC market, which will see business service after completing about 40% more customers with increased domestic volumes of about 45%.
Transaction is not subject to any approval of regulators or shareholders.
CMC Markets Managing Director, Lord Peter Cruddas, commented:
“This is an important and exciting opportunity for CMC markets and continues our strong record in Australia to win important corporate technology relationships with big banks. This is the proof of our proven success to work with a series of important banking partners.
Our focus is now focused on supporting Westpac and St.george customers, promoting our relationship with Westpac to ensure a smooth and successful future.
This is a very exciting team and I’m excited to get the bank’s online commercial experience at the next level and beyond. “
WestPac CEO, Private Wealth, Ashley Stewart, commented:
“After an extensive strategic revision and competition process, we have selected the CMC Markets StockBroking as a preferred WestPac Platform Supplier, which include WestPac shares and St.george Directshares.
CMC is a recognized market leader in the electronic shares negotiation. We look forward to expanding our relationship with them to provide innovative trading features and a top user experience, integrated into our e -banking for more of our customers. “