By Anthony O. Goriainoff
CMC Markets PLC said Thursday that Australia & New Zealand Banking Group Ltd.'s share investing client base will transition to CMC for 25 million Australian dollars ($18.3 million).
The London-listed online trading platform said the transaction, which involves the transition of more than half a million ANZ share investing clients with total assets in excess of A$45 billion, will be funded from the company's existing cash resources.
CMC said it will take between 12 to 18 months to fully transition clients.
With this transaction, the company's existing white label technology partnership with ANZ will come to an end, it said, thus removing uncertainty around the finite term of the partnerhip and establishing CMC as a financial leader in the Australian market.
"This is a further step towards the diversification of CMC's earnings and complements the launch of our new investment platform in the U.K., aligning our business strategy across our core geographies," the company said.
Shares in CMC Markets at 0800 GMT were up 7.50 pence, or 2.7%, at 281.50 pence.
Write to Anthony O. Goriainoff at firstname.lastname@example.org
(END) Dow Jones Newswires