Commonwealth Bank of Australia has completed the sale of its global asset management business, Colonial First State Global Asset Management, to Mitsubishi UFJ Trust & Banking Corp.
Final proceeds from the sale are A$4.2 billion, subject to completion adjustments, according to an Aug. 2 release.
The Australian banking group expects its common equity Tier 1 capital to increase by around A$3.1 billion due to the sale.
CBA agreed to sell its global asset management business to the unit of Mitsubishi UFJ Financial Group Inc. in October 2018 for A$4.13 billion. Mitsubishi UFJ Trust & banking obtained all regulatory approvals for the proposed sale in late July.