Australia's CBA suspends $4b wealth management spin-off

Pedro Gonçalves
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Australia's CBA suspends $4b wealth management spin-off

The Commonwealth Bank has indefinitely put on hold a plan to float its scandal prone A$4bn wealth management business as it deals with the fallout from the banking royal commission. In a statement to the ASX before the market opened, Australia's biggest bank by assets said it was still committed to the demerger but, after a review, it needed to focus on addressing the commission's recommendations first. "CBA is prioritising the implementation of these recommendations, refunding customer...

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