CMC Markets has announced an expanded long-term partnership with Westpac Banking Corporation, one of Australia’s largest financial institutions, to provide online share trading services for Westpac Share Trading and St.George Directshares customers.
CMC Markets Extends Strategic Partnership with Westpac
Under the new arrangement, CMC Markets Stockbroking, Australia’s second-largest stockbroker, will act as the preferred vendor for Westpac’s trading platforms.
Following a 12-month integration process, Westpac and St.George clients will gain access to CMC’s white-label web and mobile platforms, which will be integrated with the bank’s existing technology.
CMC expects the costs of integration to be largely capitalised, with meaningful revenue benefits for its Australian CMC Invest business.
The firm stated that once completed, the partnership is set to significantly expand CMC’s presence, boosting customer numbers by approximately 40% and increasing domestic trading volumes by around 45%.
Lord Peter Cruddas, Group CEO of CMC Markets, described the agreement as a milestone for the company.
“This is a significant and exciting opportunity for CMC Markets and continues our strong record in Australia in winning major technology partnerships with major banks,” he said. “Our focus now turns to supporting Westpac and St.George customers, furthering our relationship with Westpac to ensure a smooth and successful future.”
Ashley Stewart, Westpac’s Managing Director of Private Wealth, said: “Following an extensive strategic review and tender process, we’ve selected CMC Markets Stockbroking as our preferred platform supplier.”
“We look forward to extending our relationship with them to deliver innovative trading features and a leading user experience, integrated with our online banking.”
