IMB Ltd and ipac Securities Limited have altered the nature of the commercial arrangements for their current financial planning joint ventures, effective from 29 June 2012.

IMB is one of Australia's largest building societies with more than $4.8 billion in assets and approximately 180,000 members.

IMB, which until now was a 50 per cent shareholder in IMB Financial Planning Ltd, has acquired the remaining 50 per cent shareholding in that company from ipac Group Services Pty Ltd.

Consequently, IMB Financial Planning Pty Ltd is now a wholly owned subsidiary of IMB Ltd.

IMB Financial Planning Ltd and ipac Securities Limited will maintain a strategic partnership, ensuring clients receive the same level of service they have come to expect. ipac will continue to provide access to a product platform and professional support services to IMB Financial Planning Ltd.

In addition, ipac Securities Limited has increased its existing interest in, and is now the majority shareholder of, the Canberra-based King Financial Services Pty Limited, after acquiring IMB Ltd’s 35 per cent interest in that company. Clients of King Financial Services Pty Limited will be unaffected by this change as IMB did not have an active role in the day-to-day operations of this business.

Contact details:

IMB: Lauren Wise (Company Secretary)