CMC Markets PLC (LSE:CMCX, FRA:T8Q) acquired more than 500,000 Australia and New Zealand Banking Group (ASX:ANZ) (ANZ) share investing client accounts for A$25mln.
The clients transferring across to the CMC platform comprise assets of more than A$45bn.
With this transaction, the existing white-label technology partnership, which has seen CMC’s trading technology power ANZ’s share investing business since 2018, will come to an end, CMC said.
The existing white label partnership generated GBP39.5mln in net trading revenue for CMC in fiscal 2021. The CMC platform will offer clients a wide range of additional benefits currently unavailable with ANZ. These include access to enhanced, market-leading mobile apps and complementary education tools and resources. Following the transition, ANZ Share Investing clients will benefit from lower brokerage charges across four major international markets as well as the local Australian market and will give CMC the opportunity to drive greater value from its enlarged client base.
“This transaction is part of our strategy to create a non-leveraged investment platform and forms part of our longer-term goals for the company. As this new venture expands and develops, we will be able to offer more products, including third-party funds and tax wrappers, directly to our clients. This is a further step towards the diversification of CMC’s earnings and complements the launch of our new investment platform in the UK, aligning our business strategy across our core geographies,” said Lord Peter Cruddas, the chief executive officer of CMC.
Shares in CMC were up 2.2% at 280p in early deals.
