Europe’s LGT to Acquire $3.3B HNW Advisory Biz of Aussie Bank CBA

Lichtenstein-based private bank and wealth manager LGT has reached an agreement to purchase the advisory and planning business of Commonwealth Bank of Australia (CBA), adding approximately $3.28B in assets from high- and ultra-high- net worth clients and a team of roughly 40 advisors, associates, and support staff.

The deal with CBA, Australia’s largest bank, will boost LGT’s global assets under management to approximately $328B. It also aligns with LGT’s long-term strategy of expanding its footprint in key markets, with the company noting that the APAC region now accounts for more than a third of its business. CBA’s advisory business will be incorporated into LGT’s existing Australia operation, which operates as LGT Crestone and employs more than 100 advisors and total staff of over 350 across Adelaide, Brisbane, Melbourne, Perth, and Sydney.

Financial terms and conditions for the transaction, which is expected to close by mid-2025, were not provided.

Source: https://www.lgt.com/global-en/about-lgt/lgt-news/lgt-to-acquire-commonwealth-bank-of-australia-cba-s-personal-advice-business-commonwealth-private-advice-241368