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CBA completes sale of global asset management business


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CBA completes sale of global asset management business

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.