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CBA rids itself of accounting and advice interests
The Commonwealth Bank of Australia (CBA) has finalised the sale of accounting-led Count Financial Limited to an ASX-listed entity.
CBA rids itself of accounting and advice interests
The Commonwealth Bank of Australia (CBA) has finalised the sale of accounting-led Count Financial Limited to an ASX-listed entity.
CountPlus Limited now owns and operates the Count Financial business, after an acquisition was first announced back in June.
CountPlus, alongside Count Member Firm Pty Ltd, has acquired the accounting-led advice company for $2.5 million, which also saw them provided with a $200 million indemnity from CBA, with all claims under the indemnity to be notified to the bank within the next four years.
According to CBA, the transaction marks a significant milestone in CBA’s decision to exit its aligned advice businesses.
For CountPlus CEO Matthew Rowe, the acquisition’s completion means they “can focus on integrating Count Financial into the CountPlus business”.
“We understand that the changes across the financial advice industry are difficult for advisers, and Count Financial firms will be part of a business that is focused on helping them achieve success through a client-centric approach to all we do,” Mr Rowe continued.
“Any successful merger hinges on cultural alignment and we have commenced our process to help Count Financial reset its strategic plan, deploy the right team structure and embed new leaders who know what we expect from a values-based, high-performing professional services team.”
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