(Australia) – Canada’s TD Waterhouse has decided to quit its foray into the Australian online stockbroking market, and has sold its operation to market leader Commonwealth Securities for an undisclosed sum.TD Waterhouse has operated the fourth largest online brokerage in Australia, entering the market five years ago, and has around 300,000 clients.
The sale will boost the CBA’s share of the online broking market from around 40 percent to 48 percent.
“While we were meeting financial targets, the need for scale is critical in a relatively small market such as Australia and we saw limited opportunity to grow the business organically,” said Karen Buck, Managing Director of TD Waterhouse Australia.