Herbert Smith Freehills Acts for Australian Bank in Wealth Unit Sale
The Commonwealth Bank of Australia announced last week it is selling a 55% interest in Colonial First State to KKR for A$1.7 billion (US$1.1 billion).
May 13, 2020 at 01:22 PM
1 minute read
Credit: John Disney/ALM Media
Herbert Smith Freehills is acting for the Commonwealth Bank of Australia in the sale of a half share of its wealth management unit to private equity giant KKR.
CBA announced last week it is selling a 55% interest in Colonial First State (CFS) to KKR for A$1.7 billion (US$1.1 billion).
HSF has confirmed its role for CBA. KKR is being represented by the Australian firm Gilbert + Tobin, according to the Australian Financial Review. Gilbert + Tobin did not respond to requests for comment.
The sale forms part of CBA's strategy to focus on its core banking businesses, CBA said in a statement.
"Together, CBA and KKR intend to undertake a significant investment program, strengthening the position of CFS as one of Australia's leading retail superannuation and investments businesses," the bank said.
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