Former Macquarie banker Ian Anderson and CBA's Stewart Creighton head up new business.
Commonwealth Bank of Australia (CBA) has launched Financial Planning Banking, a specialist financial services and banking division targeting Australia's financial planners.
Financial Planning Banking has been developed and structured to meet the demand for more versatile banking.
CBA national manager for specialist markets Stewart Creighton said the new facility would provide transactional, debt and equipment needs to financial planning businesses and dealer groups.
The new team will be run by former Macquarie Bank financial planning banker Ian Anderson and Stewart Creighton, who was previously with CBA's franchising division.
Another three financial planning bankers will be appointed, all based in Sydney, with plans to expand to other capital cities in Australia.
Practices from dealer groups accredited by the new division will be given streamlined lending procedures and succession planning strategies.
CBA has been offering the lending service to its own dealer group Financial Wisdom for the last two years.
"We were initially facilitating Financial Wisdom through our specialist franchising team," Creighton said.
"However, we felt the time was right to establish a financial planning banking team and open to outside the [Commonwealth Bank] Group".
There are currently six dealer groups seeking accreditation outside CBA.
The new service is the latest edition to the growing number of specialist divisions within CBA.
Its franchising division has been running for the last three years and it will be opening a specialist division in healthcare banking at the end of this year.
Fund managers and annual performance reports brim with confidence, no matter how much money has been made or lost, but where does this leave the humble investor?... read more »
Home delivered!
Daily news, weekday mornings
Get the day's news delivered direct to your inbox. Register here (it's free!) and choose 'yes' to receive the InvestorDaily newsletter.
Advance appoints two, hikes fees »
St George Bank's funds management arm, Advance Asset Management, has appointed global property trusts CB Richard Ellis and European Investors to its manager line-up and terminated one of its two domestic managers.
Nestle, CSR, Rinker hire Russell »
Three of Australia's biggest companies have hired Russell Investment Group to run their superannuation accounts.
