CBA to separate wealth management and mortgage broking businesses

By Thierry Boudan

The Commonwealth Bank of Australia (CBA) has announced that it will be demerging its wealth management and mortgage broking businesses.

The move could include a potential sale of its general insurance business, as confirmed by CBA itself, whilst the initiative will also allow the company to enhance its focus on its core banking businesses across Australia and New Zealand.

See also:

The demerged CFS Group will include CBA’s Colonial First State, Colonial First State Global Asset Management, Count Financial, Financial Wisdom and Aussie Home Loans.

“Today’s announcement is another step in our stated priority to become a simpler, better bank and has followed a thorough review of the Group's businesses and its optimal organisational structure to drive growth and shareholder value for all businesses,” said Matt Comyn, CEO of CBA.

“By allowing CBA and CFS Group to focus on their core businesses and market leading positions, we believe the plan will unlock value in both groups for our shareholders.”

Having announced the structural changes, CBA has also named John Mulcahy, former CEO of Suncorp and Founding member of the Australian government’s Future Fund, as Chairman of the new company, whilst a search for its CEO is currently underway.


Featured Articles

Nirvik Singh, COO Grey Group on adding colour to campaigns

Nirvik Singh, Global COO and President International of Grey Group, cultivating culture and utilising AI to enhance rather than replace human creativity

How Longi became the world’s leading solar tech manufacturer

On a mission to accelerate the adoption of sustainable energy solutions, US$30 billion Chinese tech firm Longi is not just selling solar – but using it

How Samsung’s US$5billion sustainability plan is working out

Armed with an ambitious billion-dollar strategy, Samsung is on track to achieve net zero carbon emissions company-wide by 2050 – but challenges persist

UOB: making strides in sustainability across Southeast Asia


Huawei smartwatch goes for gold with Ultimate Edition


How IKEA India plans to double business, triple headcount

Corporate Finance