re: aot swallowed by commsuc - bugger!
MEDIA RELEASE - AOT wishes to inform its customers that AOT Australia’s two stockbroking businesses, AOT Online and AOT Stockbroking, have been purchased by The Commonwealth Bank. The purchase was undertaken through the Commonwealth Bank’s broking arm, CommSec. AOT Australia’s Chairman, Mr Mark Morris, said that AOT’s strong presence in both the retail and institutional market was very attractive to the Commonwealth Bank as it continues to build its presence in the Australian stockbroking environment. ”CBA has a strong desire, the required financial strength and the expertise to become a major competitive force in the stockbroking industry. We are delighted that the AOT business and our staff will make a major contribution to the fulfillment of these objectives.” Commonwealth Bank Group Executive, Premium Business Services, Michael Katz, said AOT Australia has a strong presence in both the retail and institutional market, and will complement the Commonwealth Bank’s existing businesses. “The acquisition will help us build a true Australian stockbroking powerhouse in an industry dominated by foreign players,” Mr Katz said. “Over the past few years AOT has successfully positioned itself as a premium niche player in the Australian marketplace and has demonstrated an ability to attract premium retail and institutional clients. AOT’s institutional sales trading, research sales and leading DMA capabilities are a natural complement to our existing product offerings.” AOT wishes to assure its clients that while a change of ownership has occurred, the staff of AOT and CommSec will continue to look after their interests. Clients will continue to operate under the same brokerage structure and on the same trading platform for the foreseeable future. AOT request that enquiries regarding this matter are directed to AOT via email: [email protected]
