Borrow
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.”
About the author
About the author
Banking
Bank of England expected to provide guidance on future rate cuts at today's MPC meeting
European and UK stocks are outperforming their US counterparts due to a combination of factors, including high valuations in the US, strong corporate earnings from European companies, and expectations ...Read more
Banking
Investors advised to prepare for central bank policy divergence, says deVere CEO
The Bank of England, European Central Bank (ECB), and US Federal Reserve are set to take different paths in their monetary policies, which will significantly impact investors around the world, ...Read more
Banking
Open Banking data proves superior to screen scraping, Frollo study reveals
Frollo, a leading Open Banking provider in Australia, has published a study demonstrating the superior quality of data obtained through Open Banking compared to traditional screen scraping methods, ...Read more
Banking
Global banknote study reveals gender disparity: Only 7.54% depict women
A recent study by TradersBest has uncovered a significant gender disparity on the world's banknotes, with findings indicating that out of 716 individuals featured across 115 countries, only 54 are ...Read more
Banking
JPMorgan Chase leads the global banking sector in AI adoption, outpacing rivals
A recent study indicated that JPMorgan Chase has positioned itself as the leading force among financial institutions embracing artificial intelligence (AI) for enhancing customer satisfaction and ...Read more
Banking
Exact Payments acknowledged as a leading payments ISV by the Electronic Transactions Association
The Electronic Transactions Association (ETA), a prominent advocacy and trade association for the payments industry, has recognized Exact Payments as one of the Top 10 Payments Independent Software ...Read more
Banking
The future of digital banking in Australia: Trends and implications for investors
As technology continues to reshape our lives, its influence on the financial sector is particularly transformative. One sector at the epicentre of this change is banking. Read more
Banking
ANZ sued for allegedly misleading customers
The corporate regulator has commenced civil proceedings in Federal Court. Read more
Banking
Bank of England expected to provide guidance on future rate cuts at today's MPC meeting
European and UK stocks are outperforming their US counterparts due to a combination of factors, including high valuations in the US, strong corporate earnings from European companies, and expectations ...Read more
Banking
Investors advised to prepare for central bank policy divergence, says deVere CEO
The Bank of England, European Central Bank (ECB), and US Federal Reserve are set to take different paths in their monetary policies, which will significantly impact investors around the world, ...Read more
Banking
Open Banking data proves superior to screen scraping, Frollo study reveals
Frollo, a leading Open Banking provider in Australia, has published a study demonstrating the superior quality of data obtained through Open Banking compared to traditional screen scraping methods, ...Read more
Banking
Global banknote study reveals gender disparity: Only 7.54% depict women
A recent study by TradersBest has uncovered a significant gender disparity on the world's banknotes, with findings indicating that out of 716 individuals featured across 115 countries, only 54 are ...Read more
Banking
JPMorgan Chase leads the global banking sector in AI adoption, outpacing rivals
A recent study indicated that JPMorgan Chase has positioned itself as the leading force among financial institutions embracing artificial intelligence (AI) for enhancing customer satisfaction and ...Read more
Banking
Exact Payments acknowledged as a leading payments ISV by the Electronic Transactions Association
The Electronic Transactions Association (ETA), a prominent advocacy and trade association for the payments industry, has recognized Exact Payments as one of the Top 10 Payments Independent Software ...Read more
Banking
The future of digital banking in Australia: Trends and implications for investors
As technology continues to reshape our lives, its influence on the financial sector is particularly transformative. One sector at the epicentre of this change is banking. Read more
Banking
ANZ sued for allegedly misleading customers
The corporate regulator has commenced civil proceedings in Federal Court. Read more