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The Commonwealth Bank of Australia on Wednesday announced the sale of its global wealth management business to Japan’s big-hitting Mitsubishi bank for almost US$3 billion.
In a statement, Australia’s biggest bank said it had entered an agreement with Mitsubishi UFJ Trust and Banking Corporation – one of the largest banks in the world – to complete the sale of the business by the middle of next year.
CommBank has been trying to refocus efforts on its central banking business amid a sector-wide scandal over the behavior of Australia’s financial titans.
In addition to its wealth management arm, which invests and plans for rich customers around the world, CommBank has indicated it may also offload its mortgage broking businesses.
Mitsubishi CEO Mikio Ikegaya indicated that there were no immediate plans to cut staff at the firm, known outside Australia as Colonial First State Global Asset Management.
‘We look forward to welcoming the full CFSGAM team to our group,’ he said.