Commonwealth Bank divests wealth unit to LGT, 40 staff move

It is expected to close by mid-2025.

LGT, owned by the Princely Family of Liechtenstein, has signed an agreement to acquire Commonwealth Bank of Australia’s (CBA) personal advice business, strengthening its position in Australia’s wealth management sector. 

This acquisition will add over $3.28b (A$5b) in ultra-high-net-worth and high-net-worth client assets to LGT, along with approximately 40 advisors and staff, integrating them into LGT Crestone, LGT’s Australian branch, LGT said in a statement.

Expected to close by mid-2025, the statement said transaction supports LGT’s strategy to expand in key markets, providing clients with premium advisory services, wealth planning, and access to private markets and sustainable investments. 

This acquisition will reinforce LGT's Australian operations in Adelaide, Brisbane, Melbourne, Perth, and Sydney, where LGT Crestone already has more than 350 employees, including over 100 advisors.

LGT Chairman H.S.H. Prince Max von und zu Liechtenstein stated that the acquisition accelerates LGT's growth in the APAC region, which now represents more than a third of its business.

($1.00 = A$1.53)