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Commonwealth Bank of Australia completes sale of advisory firm business

Commonwealth Bank of Australia completed the sale of its advisory firm business Count Financial Ltd. to Countplus Ltd.

As part of the deal, the Australian lender will offer an indemnity to Countplus worth A$200 million in relation to its customer remediation program for past issues at Count Financial.

The parties announced the sale in June and agreed on a A$2.5 million price tag for the assets.

The deal is part of the bank's plan to exit its wealth management and mortgage broking businesses.