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Aussie to stay ?independent? should stake go to CBA

Staff Reporter 1 minute read

Assurances yesterday from Aussie’s chairman John Symond to staff and lenders about the group’s independence have fuelled speculation it will sell a 30-40 per cent cut of the business to CBA.

Mr Symond reiterated in a letter to staff yesterday that while he is determined to grow the business, it would remain independent.

“I want to reassure you that we will remain focused on growth whilst fiercely protecting our independence,” Mr Symond wrote, according to The Australian Financial Review.

According to the daily, Mr Symond is keen to dispel any perception that a deal with CBA would inhibit the autonomy of the brokerage’s advice.

Published: 21-08-08

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