Commonwealth Bank of Australia and Westpac Banking Corp, have both signed a four year agreement with one another to provide online share trading and portfolio administration services.
The agreement is in actual fact between two Westpac Banking Corp subsidiaries, and a CBA unit. Westpac subsidiaries, Westpac Securities Ltd and BT Portfolio Services Ltd, did signed a deal with CBA unit Australia Investment Exchange Ltd, which is part of its brokerage division CommSec.
CommSec managing director Matt Comyn said CBA was committed to becoming the leading provider of wholesale financial services in Australia.
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