CBA initiates new process on wealth separation
The Commonwealth Bank has further positioned for its divestment of its wealth businesses with the appointment of key executives to undertake the process.
The big banking group announced that SocietyOne managing director, Jason Yetton had been appointed as chief executive and Andrew Morgan would be appointed as chief financial officer of the new corporate structure aimed at undertaking the transaction.
It said the appointments followed CBA’s commitment in June 2018 to the demerger of NewCo, which included Colonial First State, Count Financial, Financial Wisdom, Aussie Home Loans and CBA’s minority shareholdings in ASX-listed companies CountPlus and Mortgage Choice.
However, it said Colonial First State Global Asset Management (CFSGAM) would no longer form part of NewCo, following today’s announcement of an agreement to sell CFSGAM to Mitsubishi UFJ Trust and Banking Corporation.
Yetton joins after two years as CEO and managing director of SocietyOne, prior to which he had spent more than 20 years at Westpac and BT Financial Group, including as group executive Westpac Retail and Business Banking.
Morgan is currently chief financial officer, wealth management at CBA, prior to which he was CFO for the Business and Private Bank and Bankwest at CBA. He has over 25 years’ experience in the financial services and property sectors, including at Lend Lease Corporation, National Australia Bank, Radian and Perpetual.
Commenting on the appointments, CBA chief executive, Matt Comyn said the appointments brought an important mix of external and internal experience, as well as a deep understanding of wealth management and financial services, to lead the new entity.
The CBA announcement said that with today’s announcement regarding the agreement to sell CFSGAM, the candidate non-executive directors that had been identified for NewCo would no longer continue in their positions.
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