Commonwealth Bank of Australia (CBA) has completed the sale of its wealth management business, Count Financial Limited, to ASX-listed CountPlus Limited.
CBA’s latest divestment marks a significant milestone in its decision to exit its aligned advice businesses. The bank first announced its agreement to sell Count Financial to CountPlus for $2.5m in June. At the time, CBA called CountPlus the “logical owner of Count Financial given its historical corporate relationship and equity holdings in 15 Count Financial member firms.”
In a statement, CBA said that it is committed to continuing to support and manage customer remediation matters arising from past issues at Count Financial. As previously announced, CBA will provide an indemnity to CountPlus of $200m and all claims under the indemnity must be notified to CBA within four years.
In connection with the indemnity, CBA said that it is undertaking a remediation program to identify and directly contact affected customers and compensating them where required.
