The largest bank in Australia, CBA or Commonwealth Bank of Australia, has agreed to sell its personal advice division to LGT.
With this acquisition, LGT strengthens its position in the Australian wealth management market and reaffirms its commitment to providing advisory services, building long-lasting client relationships, and fostering sustainable growth.
Go deeper with GlobalData
Over CHF2.8bn (AUD5bn) in assets from CBA’s ultra-high-net-worth and wealthy clients are anticipated to be transferred to LGT as part of the acquisition.
Additionally, about 40 seasoned advisers, associates, and support staff will be integrated into LGT Crestone, LGT’s Australian business.
The deal will strengthen its standing as a reliable partner for affluent private wealth clients after it is finished.
With more than CHF356bn (AUD500bn) in assets under administration globally, the acquisition is set up to guarantee a seamless merger for Commonwealth Private Advice’s customers and staff, enabling them to take advantage of LGT’s global strength, stability, and unmatched experience.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataIn addition to this, this deal is in line with LGT’s long-term expansion strategy, which aims to increase the company’s presence in important markets and offer customers access to private markets, sustainable investments, and advisory services and wealth planning.
It will improve LGT’s operations in Australia, which include Adelaide, Brisbane, Melbourne, Perth, and Sydney, and is anticipated to close by the middle of 2025. At the moment, LGT Crestone employs over 350 people, including over 100 advisers around Australia.
Michael Chisholm, chief executive officer of LGT Crestone, stated: “We are delighted CBA – one of Australia’s leading financial institutions – has chosen LGT Crestone as the trusted home for their highly valued ultra-high net worth and high-net worth clients and employees. It’s a terrific validation of our efforts to build a truly outstanding private wealth advice business catering to the needs of the most sophisticated investors in Australia. This transaction is driven by our shared purpose and values with Commonwealth Private Advice, particularly our client-centric approach to managing the wealth and financial wellbeing of sophisticated high-net-worth clients.”
H.S.H. Prince Max von und zu Liechtenstein, Chairman LGT, added: “LGT is delighted to strengthen our role in Australia as we welcome both the clients and colleagues of Commonwealth Private Advice. Clients need stable partners who provide comprehensive and secure opportunities throughout their financial journeys, and we are committed to delivering that level of support and confidence to our new clients. With this acquisition, we are accelerating our growth trajectory in one of the world’s most promising wealth markets, deepening our commitment to the APAC region and our clients here. Today, APAC represents more than a third of LGT’s business, a reflection of both our strategic focus and our ambition to build a truly diversified global private banking group.”
