Commonwealth Bank of Australia (CBA) today announced that it has entered into an agreement to sell its global asset management business, Colonial First State Global Asset Management (CFSGAM), also known outside of Australia as First State Investments, to Mitsubishi UFJ Trust and Banking Corporation (MUTB) for total cash consideration of $4.13 billion (the Transaction).

Commonwealth Bank of Australia (CBA) today announced that it has entered into an agreement to sell its global asset management business, Colonial First State Global Asset Management (CFSGAM), also known outside of Australia as First State Investments, to Mitsubishi UFJ Trust and Banking Corporation (MUTB) for total cash consideration of $4.13 billion (the Transaction).1

The Transaction follows CBA’s announcement in June 2018 regarding its intention to demerge its wealth management and mortgage broking businesses. Subsequent to that announcement, MUTB approached CBA in relation to CFSGAM and the CBA Board determined that it would be in the best interests of clients, employees and shareholders to explore a potential sale of CFSGAM.

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