CBA eyes up acquisitions
(26 March 2010 – Australia) The Commonwealth Bank of Australia has said it is looking for further ‘bolt on’ acquisitions to add to its offshore wealth management operation.
The bank’s head, Ralph Norris, said CBA has been focusing on adding resources to its global emerging markets capabilities, the Sydney Morning Herald reported.
CBA is looking at potential ‘bolt on’ acquisitions for the business, which is primarily driven from its Edinburgh office, Mr Norris told investors at the Credit Suisse investment conference in Hong Kong.
Mr Norris added that it’s a business that CBA sees as providing good returns for the firm and providing diversification of the wealth management business, Mr Norris added.
The bank’s CEO said that consolidation in the local banking sector would be limited unless it involved second-tier players merging to form a fifth or sixth pillar.
CBA is looking at potential ‘bolt on’ acquisitions for the business, which is primarily driven from its Edinburgh office, Mr Norris told investors at the Credit Suisse investment conference in Hong Kong.
Mr Norris added that it’s a business that CBA sees as providing good returns for the firm and providing diversification of the wealth management business, Mr Norris added.
The bank’s CEO said that consolidation in the local banking sector would be limited unless it involved second-tier players merging to form a fifth or sixth pillar.
Subscribe