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
Insignia Financial has announced total quarterly net inflows of $2.3 billion as well as a third bid from Bain Capital.
As DBFO reforms around fees take effect, Adviser Ratings explores how advice businesses can adopt more transparent and client-centric pricing models in 2025.
Advisers may assume Gen Z and Millennials are less financially savvy than their older peers, but NAB has found they are actively engaging in “buy the dip” strategies when using ETFs to build long-term wealth.
With regional and rural suburbs exhibiting high spare capacity to invest, Money Management speaks to three regional advisers on the opportunities beyond the major cities and the importance of a strong network.
