Investec exits ADI presence in Australia
Investec Bank (Australia) has agreed to sell its Professional Finance business to Bank of Queensland (BOQ).
Investec announced the move today, saying its parent company Investec Holdings (Australia) had entered into a definitive agreement with BOQ to sell its Professional Finance business which includes its deposits business and its asset finance and leasing businesses in Australia.
Investec said that following the sale, it would cease to own an Australian Deposit-taking Institution (ADI) but would retain a significant business in Australia focusing on its core strengths across corporate and institutional banking, property funds management and investment banking.
The businesses are being sold as a going concern with a total team of over 310 people transferring to BOQ.
Recommended for you
With the highest number of candidates in a year sitting the latest financial advice exam, a surge of new entrants are expected in the coming weeks, according to Wealth Data.
AMP has launched a range of five diversified index managed portfolios on its North investment platform, targeting a younger client demographic.
An NSW adviser, who advised over 120 clients after falsifying her financial advice exam results, has been permanently banned by ASIC.
ASIC has released the results from the latest financial adviser exam, the first to be run since changes to its structure earlier this year.