UPDATE 2-Australia's CBA halts demerger amid mortgage broker uncertainty [Reuters (UK)]
Mitsubishi UFJ Financial Group, Inc. (MUFG)
Company Research
Source: Reuters
Australia's CBA halts demerger amid mortgage broker uncertainty | Reuters 3 Min Read SYDNEY (Reuters) - Commonwealth Bank of Australia said on Thursday it had halted preparations for the planned demerger of its wealth management and mortgage broking businesses, amid regulatory uncertainty and unfinished work to compensate wronged clients. Australia’s largest lender said that while it would “ultimately” exit the business, it would instead prioritize refunding customers, remediating past “issues” and implementing some of the recommendations from a year-long misconduct inquiry. The halt comes ahead of a federal election expected in May which has cast doubt over the mortgage-broking business model, with the Labor opposition vowing to cap most broker commissions and ban certain others to remove conflicts of interest. “Demerging something that has volatility and uncertainty around key aspects of its (profit) doesn’t make for a quality listed company,” Credit Suisse banking analyst Jarrod Ma
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MUFG
Sec Filings
- 4/17/24 - Form 6-K
- 4/9/24 - Form 424B2
- 4/9/24 - Form FWP
- MUFG's page on the SEC website