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The Commonwealth Bank (CBA) has announced that it will demerge its wealth management and mortgage broking businesses, which will result in the creation of an independent wealth management business. Australia’s biggest bank said in a statement it would demerge the entire wealth management and mortgage broking arms into a separately listed new company called CFS […]
Bitcoin has started the year on the back foot with a row about account freezing by Australian banks causing concerns and for the first time since 2015, it began the new year by declining in value, continuing its slide from a record US$19,511 reached on December 18. Reports emerged on Twitter, see below left, and were later […]
The surprise announcement of a controversial royal commission into the Australia’s banking and finance sector caught the country unawares, causing a drop in the value of the domestic share market on the Australian Stock Exchange. Prime minister Malcolm Turnbull, pictured left, who has been resisting calls for such a move for more than a year, […]
The Australian Prudential Regulation Authority (APRA) said it is to launch an “independent prudential inquiry” into the Commonwealth Bank of Australia, which it said would focus on governance, culture and accountability frameworks and practices within the bank, Australia’s largest. APRA chairman Wayne Byres said the decision to initiate a prudential inquiry followed a number of […]
The Australian investment market is a ‘tough nut’ for overseas investment managers to crack, according to results of research undertaken by the US-based management consultancy Cerulli Associates. In a report for clients, Cerulli note that the market is more difficult and expensive to establish a presence in than many overseas investment manager initially expect. Nevertheless, if […]
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