KKR to buy majority stake in Australia's Colonial First State
KKR will buy a 55% stake in Colonial First State (CFS), the wealth management arm of Commonwealth Bank of Australia (CBA), in a deal that values the business at A$3.3 billion ($2.1 billion).
The partial divestment allows CBA to focus on its core banking businesses. Such streamlining efforts have been expected from Australia’s big four banks – CBA plus National Australia Bank (NAB), Westpac,...
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