CBA sells CFSGAM
The Commonwealth Bank of Australia (CBA) has entered an agreement to sell its global asset management business, Colonial First State Global Asset Management (CFSGAM) to Japan’s Mitsubishi UFJ Trust and Banking Corporation.
The transaction has been valued at $4.13 billion.
The transaction sees CFGAM separated from CBA’s broader divestment of its wealth management businesses with CBA stating that as a result of the transaction, CFSGAM will not be included in the previously announced demerger of CBA’s wealth management and mortgage broking businesses.
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