Australian financial services provider, Westpac is seeking to acquire an online broker to boost the scope of services to its wealth management and private banking clients. Earlier this week Westpac created a new equities business, pulling together various businesses around the bank, including BT Margin Lending, its equities derivatives business, private portfolio management, Westpac Broking and margin lending. The newly created equities business has been set up inside the bank's institutional banking division to leverage its wealth management clients. The next step is to broaden its online equities business. Consolidation of the Australian online broking sector is accelerating, with the big banks targeting private broking houses with strong online businesses. Commonwealth Bank is pursuing the country's biggest independent discount broker, IWL, with a bid of A$373 million ($329 million). ANZ recently bought the two-thirds of Etrade that it didn't own for $284 million, and Westpac is believed to be putting a list together of private broking houses to target.