Commonwealth Bank of Australia has agreed a deal to sell CommSec’s wholesale broking business to Japan’s Nomura Research Institute.
Commonwealth Bank of Australia has agreed a deal to sell CommSec’s wholesale broking business to Japan’s Nomura Research Institute, industry sources told Street Talk on Tuesday.
The deal is understood to cover CommSec Adviser Services, which provides trading and execution services to financial advisers, brokers, accountants and the like, and be worth $50 million to $100 million.
The unit represents about one-tenth of trading via CommSec and include AUSIEX (Australian Investment Exchange Ltd), which is owned by CBA. supplied
Sources said it followed months of back-and-forward talks between CBA and Nomura, and came after Nomura Research Institute first approached Australia’s biggest bank more than a year ago.
Staff have been notified and Nomura is expected to announce the deal to its own investors in Japan shortly.
It is understood staff were told there would be no job losses as part of the transaction and Nomura Research Institute planned to operate the division as a standalone business unit.