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 customers and remediating past issues," the bank said in the statement. "Accordingly, CBA has suspended prep...