CMC Markets Pushes into New Zealand: Partners with ASB Bank

CMC Markets (LON: CMCX) has strengthened its presence in New Zealand by entering a long-term strategic partnership with ASB Bank, a major financial institution in the country with around 1.5 million customers. CMC will offer ASB its white-label technology.

CMC Expands in New Zealand

The announcement today (Friday) follows closely on the heels of the brokerage’s confirmation of its intention to apply for accreditation as an NZX Trading and Clearing Participant in 2025. The company also noted that becoming a settling and clearing participant is a requirement under the new agreement.

“There is no higher endorsement of our company,” said CMC Markets’ CEO, Lord Peter Cruddas, “than when a major bank or financial institution trusts our technology to deliver a service to their valued clients. This agreement marks further progress in our ongoing diversification strategy, as our B2B technology and institutional-first approach continue to unlock global opportunities.”

The partnership between CMC and ASB will begin with an integration period, expected to take between 12 to 18 months. Integration costs are expected to be largely capitalized, though they anticipate incremental costs as the business scales.

Once the white-label integration is complete, ASB customers will gain access to over 15 international markets, extensive market research, and tax reporting tools.

“We are focused on accelerating progress for all New Zealanders,” said Jonathan Oram, ASB’s Executive General Manager of Corporate Banking. “By investing in this partnership with CMC, we will enhance our offering for ASB customers looking to buy or sell shares and other listed securities.”

Expanding into the APAC Market

Although headquartered and listed in London, CMC has become the second-largest stock brokerage platform in Australia, with over AU$70 billion in assets under administration (AUA) and more than a million share trading accounts. Its revenue from the APAC region has even surpassed that from the UK, previously its largest market.

Notably, CMC’s advance in Australia came after it acquired the share-investing client base of ANZ Group, which, at the time, had over 500,000 clients and assets exceeding AUD 45 billion.