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
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
