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CMC mop up ANZ Share Investing follies

The A$251 million write-down on eTrade in its first half 2021 result was the prelude to the final act of ANZ's shambolic exit from a fintech folly.

ANZ said it reached an agreement "to transition customers" from its ANZ Share Investing platform to a CMC Markets-branded platform.The agreement, the bank said, is in line with ANZ’s strategy to simplify the bank.

Customers will begin to see CMC Markets branding on the platform over the next 12 to 18 months.

CMC Markets has provided a share trading solution under the ANZ Share Investing brand since 2018. At the end of the transition period ANZ will no longer receive revenue from share investing activities.ANZ will continue to manage and provide cash management solutions to share investing customers.

In April, ANZ stated in its first half financial disclosures that the share investing business had been reclassified as held-for-sale. The revenue ANZ receives from share investing activities is not material.

 

 

 

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