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.
AUTHOR
Mike Taylor
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
