(8 October 2007 – Australia) Commonwealth Bank of Australia has launched a new specialist division in Financial Planning Banking to service the A$6 billion financial planning industry.The new division, which will provide financial services and banking solutions to financial planning businesses, is part of CBA’s broader strategy to provide specialist financial solutions to businesses across the country.
Rob De Luca, executive general manager, Corporate Financial Services, Commonwealth Bank, said the division was created following extensive market research and industry collaboration and will thus reflect the unique requirements of this sector.
He said that lending for growth will be facilitated through a unique dealer group accreditation process, giving planners access to streamlined lending and high levels of gearing.
This will allow financial planners to expand and grow their business and will facilitate succession planning strategies and acquisitions, he said.
CBA is looking at further movement into specialisation capabilities, following on from the earlier launch of a franchising division.