LGT to Buy CBA’s Wealth Advisory Unit
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LGT, a Liechtenstein-based bank, is set to acquire the wealth advisory unit of Commonwealth Bank of Australia (CBA), known as Commonwealth Private Advice. This acquisition will transfer over A$1 billion in assets from CBA's high net worth clients to LGT and integrate around 40 staff into LGT Crestone. The deal, aimed at expanding LGT's presence in Australia, is expected to close by mid-2025. LGT's operations in Australia currently manage A$1 billion in assets and employ over 350 people.
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