Aussie bank CBA set for A$4bn global asset management arm IPO
Commonwealth Bank of Australia is to list its Colonial First State Global Asset Management business in a deal that analysts predict could net as much as A$4bn (£2.2bn, $3.1bn, €2.5bn).
Commonwealth Bank of Australia is to list its Colonial First State Global Asset Management business in a deal that analysts predict could net as much as A$4bn (£2.2bn, $3.1bn, €2.5bn).
Australia’s five largest banking and financial services institutions have paid a further A$21.4m in compensation to customers who suffered losses because of “non-compliant conduct” by financial advisers, taking the total to A$51.4m (£29m, $41m, €33m). More claims are expected.
Australia has launched a major public inquiry into alleged misconduct in the banking, superannuation and financial services sector.
Generali has named a replacement for the outgoing head of investments at its asset management division. Meanwhile, the chief executive of Zurich North America is to depart and Manulife has appointed a president and chief executive for Asia.
The Commonwealth Bank of Australia has sold its life insurance businesses in Australia and New Zealand to AIA Group for A$3bn (£1.8bn, $2.4bn, €2bn).
Plans for significant changes to Canada’s voluntary tax disclosure programme (VDP) have been criticised by trade groups representing the country’s lawyers and accountants.
The Australian Securities and Investments Commission (Asic) has permanently banned a former adviser who was found guilty of 97 counts of fraud and 10 counts of stealing and sentenced to six and a half years’ imprisonment.
Australia’s largest bank is to lose its chief executive at the end of the next fiscal year, stirring speculation the move might be linked to a money laundering scandal. While, Quilter Cheviot promotes the deputy head of its Birmingham office to the branch’s top spot.
The Commonwealth Bank of Australia (CBA) is in talks to sell its life insurance business, the bank has revealed as it reported a 4.6% rise in annual cash earnings to AUD9.88bn (£6bn, $7.8bn, €6.64bn) and raised its dividend.
The Commonwealth Bank of Australia (CBA) is reportedly looking to sell its life insurance business but the move in not linked to recent regulatory changes requiring the country’s biggest banks to hold billions in extra capital.
Australia’s corporate, markets and financial services regulator said it is investigating multiple instances of financial services firms charging clients for advice where it was not provided.