Members of major broker cluster group IBNA have approved an alliance with rival broker network Austbrokers.

Austbrokers Company Secretary Steve Rouvray told Sunrise Exchange News IBNA members have approved the deal but it is too early to reveal the details.

“IBNA members have approved it, and we are now putting the legal documents in place,” he said.

Meanwhile, IBNA Chairman Graham Watman confirmed last week that IBNA CEO Paul Sedgwick has resigned. Mr Watman says Mr Sedgwick and the group have agreed to part company and “allow Paul to pursue other business interests”. Mr Watman was not available for comment on who will replace Mr Sedgwick.

Last May IBNA and Austbrokers announced they were entering a heads of agreement that would involve Austbrokers providing the same services to IBNA members that IBNA provides.