The Commonwealth Bank (ASX:CBA) has announced it will demerge its wealth management and mortgage broking businesses in order to focus on core banking operations in Australia and New Zealand.
Australia’s largest bank will also look into the possibility of selling its general insurance business.
The wealth and broking businesses will be separately listed as CFS Group.
The demerged businesses will include Colonial First State, Colonial First State Global Asset Management an Aussie Home Loans businesses.
Meanwhile, the bank has announced changes to its leadership team.
David Cohen will move from his current role as Chief Risk Officer to Deputy CEO; Nigel Williams will fill the CRO position and Pascal Boillat from Deutsche Bank is to become Chief Information Officer.
Shares in CBA (ASX:CBA) are down 0.01 per cent to $73.85.