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CBA to sell last of its wealth business

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Sources said CBA was running a competitive sale process, and the UNHW business has fielded interest from several credible buyers.

The last vestige of Commonwealth Bank once-sprawling financial planning operation is to be sold, with the country’s largest lender launching a strategic review of its ultra-high-net-worth advice business and sending it off to the auction house.

The sale of Commonwealth Private Advice is the latest in a years-long effort to reshape its wealth and private banking business which began more than four years ago with the exiting of investors who had net assets of less than $2.5 million. That came after it decided in 2019 to follow its rivals and stop providing advice to retail investors – although it continued to do so for wholesale and sophisticated investors.

 

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