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.