01 November
2024
CMC MARKETS
PLC
("CMC" the "Group"
or the "Company")
Partnership with ASB Bank
ASB Bank and CMC Markets form
strategic white label partnership
in New
Zealand
CMC Markets ("CMC") has signed an
agreement to enter into a long-term strategic partnership with
major New Zealand financial institution ASB Bank
("ASB").
Following an integration period, CMC
will provide ASB clients with access to market-leading technology
and execution via an ASB-branded web and mobile platform, including
full integration with ASB Bank's current technological offering.
Integration is expected to take between 12 and 18 months, with the
associated costs expected to be largely capitalised and revenue
upside proving meaningful in the context of our Invest business. On
an ongoing basis, the cost impact is expected to be incremental as
the Group leverages existing scale to service the
business.
ASB customers will receive CMC's
award winning mobile and desktop trading technology, as well as
access to over 15 international markets, extensive market research
and tax reporting tools.
CMC Markets Stockbroking is
Australia's second largest stockbroker with over A$70 billion in
AUA and in excess of one million share trading accounts. As part of
this agreement there is a requirement for CMC to become a full
trading, settling and clearing participant of NZX, the New
Zealand stock exchange, underscoring our long-term commitment to
the ANZ region.
The transaction is not subject to
any regulatory or shareholder approval.
Overview of ASB Bank
ASB Bank is one of the largest banks
in New Zealand with circa 1.5 million customers.
CMC
Markets CEO, Lord Peter Cruddas, commented:
"We are delighted to be announcing this partnership with ASB
Bank to deliver our market-leading white label technology. There is
no higher endorsement of our company than when a major bank or
financial institution trusts our technology to deliver a service to
their valued clients and this agreement marks further progress in
our ongoing diversification strategy, as our B2B technology and
institutional-first approach continue to unlock global
opportunities. We look forward to working with ASB Bank to deliver
the best online share trading service in New
Zealand."
ASB
Executive General Manager of Corporate Banking, Jonathan Oram,
commented:
"We are proud of our online share trading platform and the fact
that we are the only bank in New Zealand to offer a share broking
service, which complements our other investment products and
services including Wealth advisory and KiwiSaver. We are focused on
accelerating progress for all New Zealanders and, by investing in
this partnership with CMC, we will develop our offering even
further for ASB customers looking to buy or sell shares and other
market listed securities."
Forthcoming announcement dates:
21 November
2024
H1 2025 Interim Results
Enquiries
CMC
Markets
Plc
Albert Soleiman, Chief Financial
Officer
investor.relations@cmcmarkets.com
Camarco
Geoffrey Pelham-Lane
+44 (0) 7733 124 226
Jennifer
Renwick
+44 (0) 7928 471 013
Alex Campbell
+44
(0) 7710 230 545
Forward looking statements
This trading update may include
statements that are forward looking in nature. Forward looking
statements involve known and unknown risks, assumptions,
uncertainties and other factors which may cause the actual results,
performance or achievements of the Group to be materially different
from any future results, performance or achievements expressed or
implied by such forward looking statements. Except as required by
the Listing Rules and applicable law, the Group undertakes no
obligation to update, revise or change any forward-looking
statements to reflect events or developments occurring after the
date such statements are published.
Notes to Editors
CMC Markets Plc ("CMC"), whose
shares are listed on the London Stock Exchange under the ticker
CMCX (LEI: 213800VB75KAZBFH5U07), was established in 1989 and is
now one of the world's leading online financial trading businesses.
The Company serves retail and institutional clients through
regulated offices and branches in 12 countries with a significant
presence in the UK, Australia, Germany and Singapore. CMC Markets
offers an award-winning, online and mobile trading platform,
enabling clients to trade over 12,000 financial instruments across
shares, indices, foreign currencies, commodities and treasuries
through contracts for difference ("CFDs"), financial spread bets
(in the UK and Ireland only) and, in Australia, Singapore and the
UK, access stockbroking services. More information is available
at http://www.cmcmarketsplc.com.