SYDNEY: Bell Financial Group (ASX:BFG) today announced that it has reached an agreement with Macquarie Bank which will see approximately 75,000 accounts transfer from Macquarie Online Trading to its Bell Direct and Desktop Broker brands.
The transition of accounts from Macquarie Online Trading is expected to be completed after 22 February 2025.
Bell Financial Group Co-CEO Arnie Selvarajah said: “Since 2014, Macquarie Online Trading has used our technology platform to provide share trading services under its own brand. This new agreement builds on our long-term partnership and is a testament to the quality of Bell’s online share trading technology and services. It strengthens our position in the market and will provide further opportunities to grow our Technology and Platforms business.”
The transition is expected to be earnings accretive in FY 2025.
Olivia McArdle, Head of Payments and Deposits for Macquarie’s Banking and Financial Services group said: “We’ve enjoyed a longstanding relationship with Bell Financial Group over the last decade. We’re pleased that customers will continue to access the benefits of our powerful and secure Macquarie Cash Management Account via the Bell Direct and Desktop Broker trading platform. Macquarie Cash Management Accounts and any other accounts customers have with Macquarie won’t change, and they can continue to view and access their accounts by logging into Macquarie Online or the Macquarie Mobile Banking app.”
Bell Financial Group’s third party clearing arrangement with Macquarie will remain unchanged.
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