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
Advice firms are increasing their base salaries by as much as $50k to attract talent, particularly seeking advisers with a portable book of clients, but equity offerings remain off the table.
MLC Expand has appointed retirement specialist Andrew Long to work with advisers and licensees and drive growth for its recently launched retirement solution.
Despite banks largely having exited the industry, advisers under institutional licensees are least likely to switch while 26 advisers have been appointed to a licensee more than 10 times.
Insignia Financial has shared a progress update on the acquisition by US private equity firm CC Capital as well as the departure of a long-standing director.
