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Report: Commonwealth Bank of Australia mulls floating global asset management platform

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Report: Commonwealth Bank of Australia mulls floating global asset management platform

CommonwealthBank of Australia may float or spin off its Colonial First StateGlobal Asset Management platform, which about a year ago was reportedly beingconsidered for sale, The Australian reportedJuly 20, citing unnamed sources.

The bank is considering floating or spinning off the assetson the Australian Securities Exchange, which would allow the bank to raiseequity by selling part of the business on the market, but would also allow it tobenefit from the division's earning upside.

If the plan pushes through, Colonial First State GlobalAsset Management would become a separate company worth around A$4 billion.

The bank declined to comment on the report.

Reports of the bank possibly the platform emerged in 2015as it sought to raise capital to meet new regulatory requirements. The bank hadthen said that the platform was not for sale.

As of July 20, US$1was equivalent to A$1.34.