CMC Markets strikes deal with Australia's Westpac

(Sharecast News) - Online trading platform CMC Markets said on Monday that it has struck a key deal with Australia's Westpac Banking Corporation. Under the terms of the agreement, CMC will provide Westpac Share Trading and St George Directshares - the bank's online share trading services - with branded web and mobile white label platforms.

CMC Markets Stockbroking already manages over AUS$90bn (£44bn) in assets under administration as Australia's second-largest stockbroker.

The new deal with Westpac will result in a "meaningful" increase in its presence in the country, CMC said, including servicing around 40% more customers and increased domestic volumes of around 45%,

CMC Markets Stockbroking currently serves more than 1.2m share trading accounts.

Peter Cruddas, founder and chief executive of CMC, said: "This continues our strong are record in Australia in winning major technology partnerships with major banks. This is testament to our proven success in working with a range of major banking partners."

Ashley Stewart, managing director, private wealth, at Westpac, said: "Following an extensive strategic review and tender process, we've selected CMC Markets Stockbroking as our preferred platform supplier.

"CMC is a recognised market leader in online share trading. We look forward to extending our relationship with them to deliver innovative trading features."

As at 0815 BST, shares in the FTSE 250 firm were up 2% at 227.5p.