Commonwealth Bank will split off its wealth-management and mortgage-broking businesses into a separate company, and potentially look into selling its CommInsure general insurance division.The new entity will be called CFS Group, and include Aussie Home Loans, Colonial First State, Colonial First State Global Asset Management (CFSGAM), Count Financial and Financial Wisdom under its banner.
"CFS Group will benefit from a separate listing and ability to pursue its own strategies," CBA announced in a statement to the market.
CBA said its reason for demerging these businesses was to simplify its structure and, "focus on its core banking businesses in Australia and New Zealand".
"With innovation and disruption in wealth management increasingly favouring specialist companies, they will benefit from independence and the capacity to focus on new growth options without the constraints of being part of a large banking group," CBA chief executive Matt Comyn said.
More to come.
https://www.geezgo.com/sps/28101
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