Herbert Smith Freehills (HSF) and Allens have advised on Commonwealth Bank of Australia’s (CBA) sale of Commonwealth Private’s personal advice business to LGT Crestone, involving about 500 clients, 19 investment advisers and more than AUD5 billion (USD3.2 billion) in client assets.
“For CBA, which is Australia’s largest bank and one of Australia’s most highly regulated companies, the transaction is important strategically as it aligns with CBA’s strategy to focus on expanding its private banking services,” HSF’s lead partner on this deal, Amelia Morgan, told Asia Business Law Journal.
HSF acted as counsel to CBA on all legal aspects of the sale, with Morgan leading the team, supported by partner Fiona Smedley. The team collaborated with CBA’s in-house legal team.
Morgan added that the transaction, which is expected to be completed by mid-2025, would allow Commonwealth Private clients access to LGT Crestone’s premium advice … as well as the opportunity to sample an expanded range of personal advice services.”
Allens advised LGT Crestone, led by partners Tom Story and Simun Soljo.
“The acquisition aligns with LGT Crestone’s long-term growth strategy and strengthens its presence as a market leader in Australia’s private wealth management sector,” Story said.
