IWL shareholders will decide in October whether to vote in favour of the Commonwealth Bank ofAustralia’s (CBA) offer to fully acquire the wealth management infrastructure solutions provider for $373 million.
This follows CBA and IWL announcing that they have entered into a scheme implementation deed, which the IWL board of directors believes is in the best interest of IWL shareholders.
CBA group executive, premium business services, Stuart Grimshaw said the acquisition would allow CBA to bolster its broking capability.
“IWL’s excellent capability in wholesale broking delivers us access to a market segment where CommSec’s presence is underweight and where we believe we can deliver even more compelling features and service to wholesale clients,” he said.
It has not yet been decided how and to what extent IWL will be incorporated into CBA if the acquisition is completed.
