(Reuters) - Australian stockbroker Morgans on Monday said it would take over the advisory business of Commonwealth Bank of Australia's <CBA.AX> online stockbroking firm, CommSec, for an undisclosed sum.
The deal, described as a "transition" by the Brisbane-based firm, comes as CBA and its large banking rivals are divesting their advisory businesses following a national inquiry that exposed widespread misconduct in those units.
"CommSec's advisory business will transition to Morgans," the Brisbane-based stockbroker said in a statement. Both CommSec and Morgans declined to put a value on the deal.
The Australian Financial Review reported on Monday that CommSec's advisory arm consisted of "about a dozen" advisers who advise clients on assets worth up to A$4.5 billion ($3.05 billion).
The deal comes following a tender conducted by CBA, the newspaper added. The bank in June said it had agreed to sell its advisory firm Count Financial Ltd for A$2.5 million and would continue its exit from its other advisory and broking units.
National Australia Bank <NAB.AX> has also decided to offload its pension and advisory unit, MLC, while Australia and New Zealand Banking Group <ANZ.AX> has agreed to sell its advisory business to IOOF <IFL.AX>.
(Reporting by Shriya Ramakrishnan in Bengaluru; Editing by Alex Richardson)
