CBA completes CFS sale to KKR
The Commonwealth Bank has completed its sale of its 55% interest in Colonial First State (CFS) to KKR today.
CBA chief executive, Matt Comyn, said: “The sale completion represents an important milestone in CBA’s strategy to focus on its core banking businesses and to create a simpler and better bank.
“With our partner KKR, we will support CFS in becoming one of the leading superannuation and investment businesses in Australia, offering members greater choice and better value.”
The transaction was expected to deliver an increase of about $1.47 billion of common equity tier 1 (CET1) capital.
Recommended for you
ASIC has banned a Queensland adviser from providing financial services for five years after failing to provide appropriate advice that was in the best interest of his clients.
Minister for Financial Services, Stephen Jones, has said it is not a “backdoor attempt” by the government to allow the new class of adviser to provide full advice.
The financial advice industry has seen a net loss after 10 consecutive weeks of net growth in adviser numbers, according to Wealth Data.
Only 11 per cent of financial advice practices have said they are including crypto products on their approved products lists, according to CoreData.
