Japan’s MUFG to buy Australia’s Colonial First State for $2.66 bln

10/31/2018 9:32:00 AM (GMT)

Commonwealth Bank of Australia (CBA) announced that it is in advanced talks with a party over the sale of its investment management business.

The company said that Japanese financial services company Mitsubishi UFJ Financial Group (MUFG) is set to buy its asset management operations for about 300 billion yen ($2.66 billion).

CBA also said that a unit of Mitsubishi UFJ Trust and Banking will buy several core units of Colonial First State, CBA’s asset management firm.

The transaction is likely to close by the fall of 2019.

Commonwealth Bank of Australia

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