Australia’s Commonwealth Bank to book compliance costs of $216 million in first half
12 Dec 2018

Commonwealth Bank of Australia (CBA.AX) said on Tuesday that it would book charges of A$300 million (170 million pounds/$216 million) that would be reflected in its first-half results ending December.

The charges include a higher-than-expected compliance cost of A$100 million related to a quasi-judicial inquiry into Australia’s financial sector, the bank said in a statement.

The remaining costs are related to a remediation program adopted for its demerged wealth management arm, it added.

Earlier this year, CBA said it would spin off its wealth management and mortgage broking arms into a separately listed new company called CFS Group, inclusive of its Colonial First State Global Asset Management (CFSGAM) business.

– By Rushil Dutta, Reuters, 11 December 2018.

Link to Reuters.

Count reading this article to your CPD minutes, by signing up to our CPD Wallet

FREE CPD Wallet
No Responses to “Australia’s Commonwealth Bank to book compliance costs of $216 million in first half”

You must be logged in to post a comment.

This site uses Akismet to reduce spam. Learn how your comment data is processed.