Commonwealth Bank may soon find itself in the curious position of providing stockbroking services for Westpac and National Australia Bank. CBA yesterday announced that it had entered into a scheme implementation deed that would result in the acquisition of the issued capital of the stockbroking and portfolio service provider IWL.The IWL board has endorsed the scheme, which values IWL at $6.57 a share - a 22.5 per cent premium over IWL's volume weighted average price of the past three months.The total value of the deal, which gives IWL shareholders a cash or scrip alternative, would be $373 million.IWL, which was listed in 1999, has four business divisions. Wholesale broking, which contributed more than 50 per cent of EBITDA last year, offers white label broking services through two group companies - JDV and Ausiex.Among the 15 clients of the wholesale broking service are Westpac, BT Funds Management, NAB, BankWest and Suncorp.The managing director of CBA's broking business CommSec, Matt Comyn, said he was confident of being able to maintain those relationships.Comyn said: "It is not unusual for financial services organisations to provide services to each other where it makes sense."Comyn said the IWL wholesale division would be run as a separate business and customer data would be protected.At the same time the service offering would be enhanced with CommSec's functionality. "On balance, we will be able to make a good offer," Comyn said.A source said: "To be realistic, where would Westpac and NAB go? They could take their business to E*Trade and then they would be dealing with ANZ."Beside those two there are not too many players left in the online, execution-only stockbroking market."They might be able to screw a better deal out of the CBA."IWL has two retail brokerages - Sanford and Avcol. Comyn said they would be absorbed into CommSec.Comyn said CommSec's brokerage share would rise from 4.5 to 5.2 per cent, placing it in the ranks of the top 10 brokerage houses.IWL's other businesses are a portfolio administration service for financial planners, Echelon, and an investment research business, InvestorWeb.Those businesses would probably be sold.A scheme booklet, including an independent expert's report, will be sent to IWL shareholders in September. A shareholder meeting would be held in October.CBA was advised on the deal by Citigroup Global Markets. IWL's adviser was Goldman Sachs JB Were.