Commonwealth Bank in Hong Kong wealth management venture
12 May 2003 | 4809 views | 0
Commonwealth Bank of Australia is teaming up with Cheung Kong e-commerce affiliate iBusiness Corporation to launch a joint venture company providing wealth management and financial advisory services to Hong Kong residents.
Under the agreement, Commonwealth Bank will hold 30% and iBusiness 61.25% of the new business, dubbed AMTD Financial Planning. It is intended that AMTD will will not provide any products, but will instead act as an independent investment advisory firm, working in co-operation with specialist suppliers and business partners.
Peter Fancke, Commonwealth Bank group's regional managing director, international financial services, North Asia, says the bank will supply AMTD with a range of financial services and products and a state-of-the-art technology platform "that will allow it to set new standards for product choice and professional service".
Cheung Kong and Hutchison Whampoa own 75 percent of iBusiness, while the rest is controlled by HSBC and Hang Seng Bank. The company was initially established as an Internet-based business-to-business venture, but has since been forced to diversify its interests as the dotcom bubble collapsed
Alan Tsang, director and chief executive officer of AMTD, believes the new company will benefit from the financial stability and strength of its shareholders, as well as access to the massive client-base of Cheung Kong Group, shareholders of iBusiness and Commonwealth Bank and an established network of retail outlets.
"AMTD offers clients advisory services free of charge," he says. "Through our 'multiple channels, multiple products' philosophy, clients will enjoy a range of product choices, save valuable time and gain access to a complete range of financial products and services."