The Commonwealth Bank has inked a deal with Goldman Sachs that will see it close its institutional equities business.
The partnership between CBA and Goldman Sachs will see the bank close its institutional equities arm, a statement issued by CBA said.
Commonwealth Bank group executive for institutional banking Kelly Bayer Rosmarin said: “Making the decision to discontinue [the institutional equities] team has been difficult.
“Our clients are increasingly operating internationally, and while we are able to offer global solutions in many parts of our business, we have not been able to provide access to global equity markets.”
CommSec and Commonwealth Private Bank customers will now be able to access Goldman Sachs’ equity offerings, including IPOs, the statement said.
Commonwealth Bank group executive, business and private banking Adam Bennett said: “It provides our customers access to Goldman Sachs’ suite of highly rated Australian and New Zealand equity research as well as global macroeconomic and strategic research.”
Goldman Sachs in Australia and New Zealand chief executive Simon Rothery said: “We are delighted to be forming an alliance with the Commonwealth Bank, with exclusive access to CommSec, Australia’s largest online retail share trading platform, which will greatly enhance our combined abilities to execute a range of equity financing solutions for all of our clients.”