Australia’s Commonwealth Bank said to seek $2.3b listing for asset management arm

FILE PHOTO: The logo for the Commonwealth Bank of Australia adorns their head office in central Sydney, Australia, October 12, 2017. REUTERS/David Gray/File Photo

Commonwealth Bank of Australia said on Tuesday that it intends to list its investment management business on the Australian Stock Exchange by the end of 2018.

A listing of Colonial First State Global Asset Management which has A$219 billion in assets under management could raise about A$3 billion ($2.3 billion), sources have previously said.

The decision to list the business comes at the end of a review announced in September 2017. John Mulcahy would be appointed as chairman, CBA said in a statement.

CBA shares have shed 9.4 percent in the year to date, compared with a 3.7 percent fall for the Australian benchmark index.