Commonwealth Bank Will Not Spin Off Funds Unit

Lachlan Colquhoun

16 August 2007

Australia's Commonwealth Bank says it has no plans to follow rival Westpac and spin off its funds management arm in a stock market float. CBA owns Australia's largest fund manager, Colonial First State, but chief executive Ralph Norris said the bank had not considered a spin off. Westpac last week announced it would partially float its BT Investment Management unit, in a bid to retain key talent.