The Commonwealth Bank (ASX:CBA) has inked an agreement to sell its global asset management business, Colonial First State Global Asset Management, to trust Bank Mitsubishi UFJ Trust and Banking Corporation.
Mitsubishi are set to purchase the business for $4.13 billion.
The sale is subject to a number of regulatory approvals and is expected to complete in mid 2019.
The bank also announced today that Jason Yetton will be appointed Chief Executive Officer and Andrew Morgan will be appointed Chief Financial Officer of CBA’s wealth management and mortgage broking businesses, NewCo.
These appointments follow CBA’s commitment in June 2018 to the demerger of NewCo , which includes Colonial First State, Count Financial, Financial Wisdom, Aussie Home Loans and CBA’s minority shareholdings in ASX-listed companies CountPlus and Mortgage Choice.
Shares in Commonwealth Bank (ASX:CBA) are 2.28 per cent higher at $68.16.