Commonwealth Bank of Australia is to acquire Melbourne-based wealth management group IWL after the Supreme Court of Victoria approved the merger last Friday. CBA, Australia's second-biggest lender, announced in August that it intended to acquire the whole of IWL for more than A$370 million ($340 million). The merger of IWL into CBA's CommSec division gained shareholder approval last month. Shareholder votes in favour of the merger totalled 99.70 per cent. "We are delighted that this last hurdle has been cleared, and we are excited about moving ahead with the integration of our businesses," CBA premium business services group executive Stuart Grimshaw said. CBA is Australia's largest fund manager with funds under management at 31 March 2007 of A$130.8 billion. It said it was attracted to IWL's retail client base as a fit to its existing equities business and to IWL's wholesale broking capability.