CBA retreats to simpler bank model

Original article by Alice Uribe, Joyce Moullakis
The Australian Financial Review – Page: 1 & 18 : 26-Jun-18

The Commonwealth Bank of Australia will focus on its core banking operations after revealing plans to demerge its wealth management, financial planning and mortgage broking assets into a separately listed company. Analysts says the move was widely expected given the reforms that are likely to emerge from the banking royal commission. CBA has advised that it will not hold a stake in CFS Group, which is expected to have a market capitalisation of around $A8bn. CBA may also divest its general insurance business in a separate transaction.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, CFS GROUP, COLONIAL FIRST STATE GROUP LIMITED, COLONIAL FIRST STATE GLOBAL ASSET MANAGEMENT, COUNT FINANCIAL LIMITED, FINANCIAL WISDOM LIMITED, AUSSIE HOME LOANS LIMITED, MORTGAGE CHOICE LIMITED – ASX MOC, COUNTPLUS LIMITED – ASX CUP, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, MLC LIMITED, WESTPAC BANKING CORPORATION – ASX WBC, BT FINANCIAL GROUP PTY LTD, CONCENTRATED LEADERS FUND LIMITED – ASX CLF, SHAW AND PARTNERS LIMITED, MORNINGSTAR PTY LTD, COMMONWEALTH FINANCIAL PLANNING LIMITED, UBS HOLDINGS PTY LTD, GOLDMAN SACHS AUSTRALIA PTY LTD, JP MORGAN AUSTRALIA LIMITED, AMP LIMITED – ASX AMP

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