Commonwealth Bank of Australia to IPO Colonial First State Global Asset Management in 2018
Commonwealth Bank of Australia (CBA) will publicly list their investment management business, Colonial First State Global Asset Management (Colonial First State) managing A$219 billion AUM after a strategic review announced in September 2017. The strategic review determined that an independent ownership model would provide greater benefit.
” CBA to list Colonial First State managing A$219 billion AUM “
Commonwealth Bank of Australia will pursue an initial public offering (IPO) of Colonial First State on the Australian Securities Exchange (“ASX”) by the end 2018, subject to market conditions and necessary approvals.
Colonial First State is known as First State Investments outside Australia and manages A$219 billion AUM (2017). CBA is one of the “big four” banks in Australia. The other 3 banks are ANZ, NAB and Westpac.
About Colonial First State Global Asset Management
CFSGAM, known as First State Investments outside of Australia, is a global investment management business with established offices across Europe, the US and Asia Pacific regions. As at 31 December 2017, CFSGAM managed A$219 billion of assets on behalf of institutional investors, pension funds, wholesale distributors, investment platforms, financial advisers and their clients worldwide.
About Commonwealth Bank
The Commonwealth Bank is Australia’s leading provider of integrated financial services including retail banking, premium banking, business banking, institutional banking, funds management, superannuation, insurance, investment and sharebroking products and services. The Group is one of the largest listed companies on the Australian Securities Exchange and is included in the Morgan Stanley Capital Global Index. It was was founded under the Commonwealth Bank Act in 1911 and commenced operations in 1912, empowered to conduct both savings and general banking business. Today, the bank has grown to a business with more than 800,000 shareholders and 1,100 branches nationally.
- Origin : Sydney, Australia
- Assets : $933.1 billion
- Revenue : $24.6 billion
- Employees : 52,000
Official Website: www.commbank.com.au
News & Media: Press Release
Updated on 8th August 2016