CBA completes divestment of CFSGAM

CBA/Commonwealth-Bank-of-Australia/Mitsubishi-UFJ-Trust-and-Banking-Corporation/Matt-Comyn/sale/divestment/

2 August 2019
| By Oksana Patron |
image
image image
expand image

Commonwealth Bank of Australia (CBA) has announced the completion of the divestment of its global asset management business, Colonial First State Global Asset Management (CFSGAM) to Mitsubishi UFJ Trust and Banking Corporation (MUTB).

The final sale proceeds would be $4.2 billion, subject to completion adjustments, with the total consideration representing a multiple of 19.4x CFSGAM’s unaudited pro forma FY19 net profit after tax of $218 million and a post-tax gain on sale of approximately $1.5 billion.

“Today’s announcement represents an important milestone towards executing CBA’s strategy to become a simpler, better bank,” CBA’s chief executive, Matt Comyn, said.

“The sale of CFSGAM to MUTB creates significant value for CBA shareholders and is a positive outcome for CFSGAM clients and employees.”

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

5 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

5 months 1 week ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

7 months 1 week ago

The FSCP has issued a written direction to an adviser who charged clients “extraordinary fees” for inappropriate and conflicted advice, as well as encouraged them to swit...

1 week 6 days ago

ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager. ...

3 weeks 2 days ago

ASIC has confirmed the industry funding levy for the 2024–25 financial year, and how much licensees can expect to pay....

3 days 20 hours ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
2
DomaCom DFS Mortgage
95.46 3 y p.a(%)
5