Powered by MOMENTUM MEDIA
subscribe to our newsletter

CBA offloads advice business

The Commonwealth Bank has announced the sale of its financial advisory business for $2.5 million. 

Together with a special purpose subsidiary of a discretionary trust established for the benefit of Count Member Firms, CountPlus will enter a binding sale and purchase agreement to purchase Count Financial from the Commonwealth Bank for $2.5 million, pending shareholder approval, according to a statement on the ASX.

CountPlus will hold 85 per cent of Count Financial, while Count Member Firms will hold the remaining 15 per cent.

It said a notice of meeting and independent expert report will be issued shortly. Further, a shareholder extraordinary general meeting will be held in early August and the proposed completion of the acquisition to be 1 October.

CBA also confirmed that it is intending to sell down its 35.85 per cent equity interest in CountPlus. It is also offering $200 million of indemnity to cover remediation of past product as part of the deal. 

Advertisement
Advertisement

CountPlus managing director and chief executive Matthew Rowe said the strategic acquisition creates a strong professional accounting and financial advisory network aligned by its shared values, mutual success and sense of community.

“The board and executive team at CountPlus are focused on clear strategy for growth, and building a scalable and sustainable, customer-centric professional service network,” Mr Rowe said.

“The company is pleased with today’s announcement, and the directors encourage shareholders to endorse this acquisition at the upcoming extraordinary general meeting.

“This acquisition will take us one step closer towards our vision to become Australia’s leading network of professional accounting and advice firms, aligned through shared values, mutual success and our sense of community.”

Count Financial has 359 advisers and 160 firms with $8.1 billion of funds under administration.

PROMOTED CONTENT


[Related: Lenders offload insurance businesses]

CBA offloads advice business
CBA
mortgagebusiness

Latest News

Lenders have begun offering disaster relief packages for customers impacted by Tropical Cyclone Seroja in Western Australia. ...

Boutique lender Apickle has launched new finance product for SMEs using eftpos that enable them to borrow up to $200,000 without an asset se...

The federal government said it is pleased that higher confidence levels have led to a strong housing market but said that it is “keeping a...

FROM THE WEB

Join a group of highly informed brokers.

Broker Pulse, a community-driven knowledge base of lender performance Reveal exactly which lenders are making life easiest for brokers and their clients by taking this monthly survey and joining a group of highly informed brokers who leverage these insights every month.

JOIN NOW
podcast

LATEST PODCAST: Tackling the home deposit challenge

Do you expect to see strong uptake of the HomeBuilder scheme?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.