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Commonwealth Bank of Australia sells remaining stake in Visa

Commonwealth Bank of Australia sold its remaining stake in Visa Inc. for A$439 million.

The bank realized an after-tax profit on sale of A$278 million.

Meanwhile, the bank said it has undertaken a review of its capitalized software assets as at December. The review resulted in a one-off acceleration of amortization on certain capitalized software assets, principally relating to digital and direct banking channels, totaling A$275 million after tax.

As of Dec. 16, US$1 was equivalent to A$1.37.