21 August 2017
Find out more

CommSec acquires TD Waterhouse Australian brokerage business

15 April 2003  |  5993 views  |  0 CommSec acquires TD Waterhouse Australian brokerage business

Commonwealth Bank of Australia's online brokerage operation CommSec has acquired the Australian business of TD Waterhouse Investor Services.

Financial details of the sale, which is expected to close on 1 May, have not been disclosed. Clients will be transferred to CommSec Australia by 4 July 2003.

Karen Buck, managing director of TD Waterhouse Australia, comments: "While we were meeting financial targets, the need for scale is critical in a relatively small market such as Australia and we saw limited opportunity to grow the business organically."

TD Bank says the withdrawal from the retail markets does not affect its commitment to its institutional wholesale banking operations in Australia through TD Securities.

Michael Katz, group executive responsible for CommSec, says that the acquisition represents a good strategic fit and is likely to deliver cost synergies. "Our organisations are culturally similar, our clients are similar, and we both share a customer service mindset and technology leadership," he says.

TD's retreat from the Australian discount brokerage market follows a commitment by the Canadian bank to deal with underperforming business assets. Earlier this month TD Bank announced plans to restructure the international unit of its wealth management business and streamline its operations in the UK.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Commonwealth Bank deploys GFI's Fenics FX tool

Commonwealth Bank deploys GFI's Fenics FX tool

26 March 2003  |  3388 views  |  0 comments
Commonwealth Bank customers fall for online banking scam

Commonwealth Bank customers fall for online banking scam

18 March 2003  |  6307 views  |  0 comments
Commonwealth Bank live with eGlobalTrader; upgrades Kamakura system

Commonwealth Bank live with eGlobalTrader; upgrades Kamakura system

13 March 2003  |  3421 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.dorsum.euvisit www.worldpaymentsreport.comdownload the paper now

Who is commenting?

A Finextra member Finextra Member Commented on: Real-time payments in...
A Finextra member Finextra Member Commented on: Barclays uses sensors...

Top topics

Most viewed Most shared
Mobile contactless spending accelerating in UKMobile contactless spending accelerating i...
11530 views comments | 26 tweets | 23 linkedin
Barclays pairs banking data with third party apps for SmartBusiness DashboardBarclays pairs banking data with third par...
9781 views comments | 22 tweets | 31 linkedin
hands typing furiouslyWhy Is Risk Analytics Important?
9598 views 0 | 5 tweets | 1 linkedin
Norwegian banks and startups form fintech clusterNorwegian banks and startups form fintech...
9344 views comments | 19 tweets | 23 linkedin
RBS to bring Silicon Valley to EdinburghRBS to bring Silicon Valley to Edinburgh
9264 views comments | 10 tweets | 8 linkedin

Featured job

Competitive
London, UK (or flexible)

Find your next job