CBA announces divestment of financial advice business

Company News

by Anna Napoli

The Commonwealth Bank (ASX:CBA) has today entered into an agreement to sell its financial advice business, Count Financial to ASX-listed accounting firm CountPlus for $2.5 million.

CBA says CountPlus is a logical owner of Count Financial given its historical corporate relationship and equity holdings in 15 Count Financial member firms.

CBA says Count will make an after-tax loss of $13 million in the current financial year.

CBA currently owns a 35.9 per cent shareholding in CountPlus and intends, subject to market conditions, to sell its shareholding in an orderly manner over time following completion of the Transaction.

The Transaction is subject to a CountPlus shareholder vote to be held in August 2019.

Shares in CBA (ASX:CBA)  are trading 0.4 per cent higher at $80.19.
 

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.