CBA (ASX:CBA) completes Count Financial divestment

Company News

by Anna Napoli

The Commonwealth Bank (ASX:CBA) has today announced the completion of the sale of Count Financial to CountPlus.

The transaction marks a significant milestone in CBA’s decision to exit its aligned advice businesses.

CBA says it is committed to continuing to support and manage customer remediation matters arising from past issues at Count Financial.

As previously announced, CBA will provide an indemnity to CountPlus of $200 million and all claims under the indemnity must be notified to CBA within 4 years.

Shares in CBA (ASX:CBA) are trading 0.1 per cent lower at $80.75.

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.