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

Photo: Alex Proimos from Sydney, Australia [CC BY 2.0], via Wikimedia Commons

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