CBA announces intention to demerge wealth management and mortgage broking businesses
CBA has this morning announced plans to demerge Colonial First State Global Asset Management (CFSGAM) alongside Colonial First State, its third-party financial advice businesses (Count and Financial Wisdom) and its mortgage broking business (Aussie Home Loans), as well as CBA’s stakes in Mortgage Choice and CountPlus.
The demerged company will be known as CFS Group.
You can read CBA’s ASX announcement here which outlines the benefits of the demerger.
The demerger process is expected to complete in 2019 but first requires final board approval, shareholder approval, regulatory and other approvals.
CFSGAM will be working with CBA and its peers at Colonial First State, Count, Financial Wisdom and Aussie Home Loans to ensure we all make a smooth transition to CFS Group next year. The day-to-day focus remains on our responsibilities as long-term investors and stewards of our clients’ capital.